Strong work culture prompted Rare Enterprises to invest in Titan: Utpal Sheth

The intangible factor that Rare Enterprises saw in Titan was the work culture they had, which was visible right from the factory workers to the top management, said Utpal Sheth, CEO of Rare Enterprises, in an interview with CNBC-TV 18 on October 18.

When asked about the annual target of a factory worker during a visit, a Titan worker told Sheth that he has to generate 30 percent of the machinery's value.

"When the worker on the shop floor of a company thinks in terms of capital returns employed, that is a culture that we would like to back," he pointed out.

Shares of Jewellery and watchmaker Titan Company zoomed in the early trade on October 7, after the firm reported strong growth in sales for September quarter, springing a positive surprise for investors.  "The Company witnessed healthy double-digit growth across most businesses with overall sales growing 18 percent YoY (year-on-year)," Titan said in a regulatory filing.

Also Read: Titan shares jump on strong Q2 growth, analysts maintain their bullish stance

Rare enterprises’ CEO and senior partner Utpal Sheth's association with Big bull Rakesh Jhunjhunwala goes back to the early nineties. Rakesh Jhunjhunwala has been known to have said that Sheth, and he added as 1 and 1 to make 11. The low-key Sheth has been credited with helping Jhunjhunwala spot the multibagger bets such as Titan.