Corporate Highlights

• Welspun Gujarat bagged order worth Rs 3,500 crore. Company's order book has touched a landmark figure of Rs 10,000 crore (without excluding the orders executed during Q2FY10). With the current order book, the company has significantly created revenues visibility for not only FY2010 but also for the large part of FY2011.

• Aug IIP at 10.4% Vs 6.8% (MoM), 1.69% (YoY); Cap goods at 8.3% Vs 0.9% (YoY); Basic goods at 10% Vs 3.9% (YoY); April-Aug Ind growth at 5.8% Vs 4.8% (YoY); Electricity at 10.6% Vs 0.8% (YoY); Mining at 12.9% Vs 2.8% (YoY); Mfg output at 10.2%

• ONGC has won 9 blocks under NELP VIII, Recently listed PSU Oil India has won 5 offshore blocks in consortium with ONGC, BGEIPL under NELP VIII so far.

• Prajay Engineers Promoters are going to up their stake in the company to 49% Vs 26%. The company is planning to invest Rs 6 billion in developing two hotels and a 23-tower residential project in the city. Company has launched Rs 7 billion residential project in Hyderabad. It launched Water Front, a gated community of 500 flats and 550 independent houses and villas at Shamirpet on the city outskirts.

• TTK Prestige is slowly paring down debt. Management of the company said that the debt exposure of company is down by Rs 26 crore in 2008-2009. Interest costs are down 89% at Rs 0.17 crore vs Rs 1.55 crore. Currently, it has been pared down to zero. In its guidance for FY10, the company sees topline at Rs 450 crore, PBT at Rs 55 crore and PAT at Rs 40 crore. OPMs are seen around 15%. Topline run rate is seen at 20%. Company's new unit in Uttarakhand for manufaturing of domestic appliances should be ready by April. Estimated cost of Rs 11 crore has been funded internally.