Avenue Supermarts chief executive officer Ignatius Navil Noronha enters the billionaire club, as the company’s share price jumped nearly 11 percent on October 18.

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

The company’s share rose after the September quarter results (Q2FY22) announced on Saturday, which were seen to be broadly better than analysts’ expectations. Avenue Supermarts’ share topped Rs 5500 on Monday. However, it gave up most of the gains on Tuesday.

The company’s stock has risen as much as 25 percent in October ahead of the Q2 results.

Noronha holds a management degree from the Narsee Monjee Institute of Management Studies.

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

(Edited by : Bivekananda Biswas)

First Published:Oct 19, 2021 3:39 PM IST