We at GEPL have once again recommended Artson Engineering Ltd as the pick of the week at the current price of Rs.71 and a target price is Rs.105. Artson Engineering Ltd, a subsidiary of Tata Projects Ltd, is engaged in the activity of manufacturing tanks and terminals, tank farms for refineries and petroleum based companies. Apart from this, the company also undertakes EPC projects. Tata projects has taken control of the management and has brought about a turnaround in the company’s performance. The company has a healthy order book position with backlog of Rs.1,200 mn along with new orders worth Rs.620 mn won in FY11. Tata projects now plans to leverage the goodwill of Artson and increase its presence in the Middle East region. Artson has started operations at its nashik unit and expects a revenue of around Rs.70-100 mn in FY11. During the quarter, the company bagged an order from Petrofac Int. worth Rs.1,060 mn to execute a 192 km pipeline in Kuwait over a period of 14 months. Apart from this, the company has submitted bids worth Rs.3,500 mn and expects to bag a decent proportion of the same during the year. Backed by an improved H1FY11 performance we expect the company to be networth positive by the end of the current fiscal. Hence, we recommend the stock at the current levels with a 1-year forward target price of Rs.105.