Hanwha Aerospace's stock price recovered past 700,000 won following the news of additional exports of K9 self-propelled howitzers to India.
Hanwha Aerospace's stock traded at 704,000 won in the KOSPI market at 2:56 p.m. on the 3rd, up 6.18% (41,000 won) from the previous day. This marks the first time Hanwha Aerospace's stock has exceeded 700,000 won during the trading session since the 20th of last month. Hanwha Aerospace's stock had remained in the 600,000 won range after announcing a large-scale rights offering for shareholders.
News that Hanwha Aerospace signed an additional export contract for K9 self-propelled howitzers with India appears to have stimulated investor sentiment. Hanwha Aerospace, along with Larsen & Toubro (L&T), will supply self-propelled howitzers to the Indian Army. The contract size is 370 billion won. Hanwha Aerospace signed a supply contract for K9 self-propelled howitzers in 2017 and completed the delivery in 2020.
Hanwha Aerospace expressed expectations to expand its export achievements in the Asian market following its success in the European market. Hanwha Aerospace CEO Son Jae-il said, "With the excellent performance and stable delivery track record of the K9 self-propelled howitzers, we will further strengthen cooperation with each country in the Asian defense market, including India, beyond Europe."