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Noronha, CEO of Avenue Supermarts, Joins the Billionaire Club

 | Local Business News

Noronha, CEO of Avenue Supermarts, Joins the Billionaire Club

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Avenue Supermarts CEO Ignatius Navil Noronha joins the billionaire club as the company’s share price jumped nearly 11 percent on Oct. 18.

According to a Moneycontrol report, Noronha held 1,30,74,043 shares (nearly a 2.02 percent stake) in the company in the September quarter after selling nearly 52,000 shares since June quarterly results. The value of his stake soured as the company’s stake gained 80 percent so far this year.

The company’s share increased after September quarter results (Q2FY22) announced on Saturday, which were judged to be vastly better than analysts’ expectations. Avenue Supermarts’ turnout surpassed 5,500 rupees on Monday. However, he gave up most of the earnings on Tuesday.

The company’s shares have risen as much as 25 percent in October ahead of second-quarter results.

Noronha has a degree in management from the Narsee Monjee Institute for Management Studies.

According to a Mint report, he was hired by Avenue Supermarts founder Radhakishnan Damani in 2004 and was named CEO of the company in 2007. Prior to Avenue Supermarts, Noronha worked with Hindustan Unilever.

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Noronha, CEO of Avenue Supermarts, Joins the Billionaire Club

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