DMart's Ignatius Noronha Becomes A Billionaire
NDTV
CEO of Avenue Supermarts Limited Ignatius Navil Noronha has become a billionaire professional manager after his wealth grew manifolds
The chief executive officer (CEO) of Avenue Supermarts Limited (ASL), Ignatius Navil Noronha has become a billionaire professional manager after his wealth grew manifold following a rise in the company's shares.
ASL operates the DMart retail stores chains across the country, and its shares have seen a 113 per cent jump in 2021. On Monday, the company's shares were trading 10 per cent higher.
According to several media reports, Mr Noronha sold over 52,000 shares of DMart in September to hold a 2.02 per cent stake (1,30,74,043 shares) in the retail company. In June this year, his stake in the retail company was at 2.03 per cent.
Under Mr Noronha, who completed his management degree from the Narsee Monjee Institute of Management Studies in Mumbai, the consolidated profit of ASL jumped significantly to Rs 418 crore in the September quarter.
