DMart CEO Ignatius Neville Noronha Is Now A Billionaire, Here’s What Made Him So Rich

New Delhi: Ignatius Navil Noronha, chief executive officer of Avenue Supermarts Ltd, which owns the DMart retail chain, has seen his wealth rise by over a billion dollars as the company’s stock has risen an incredible 113 per cent this year.

On BSE, the stock set a new all-time high of Rs 5,899 and rose up to 10.7 per cent in intraday trading, taking its market capitalization above Rs 3.54 trillion. The stock rose 2% to Rs 5,431 per share at 10 am. The stock has been trading on an upward trend for seven consecutive sessions, gaining nearly 40% during that time.

Noronha, 47, has now crossed Rs 7,744 crore in net worth, making him India’s richest professional manager. Noronha currently holds 13.13 million shares, or 2.03 percent of the firm.

Noronha amassed his fortune thanks to a 19-fold increase in the value of Avenue Supermarts stock. The stock was first launched on the stock exchange on March 21, 2017 at an issue price of Rs 299 per share. Since then, the scrip has gained almost 1,800% from its opening price.

Noronha was born and brought up in Mumbai and graduated with a management degree from the Narsee Monjee Institute of Management Studies.

Noronha previously worked for Hindustan Unilever, a fast-growing consumer goods company. In 2004, he was appointed as the head of business by Radhakishan Damani, the founder of Avenue Supermarts. In 2007, he became the CEO of the company.

DMart continues to offer the best discounts across most categories, resulting in increased loyalty, which is a key component in increasing foot traffic. The company caters to low-, middle-, and upper-middle-income consumers who place a premium on value for money.

JioMart, Flipkart and Amazon are threats to the company, but analysts believe it is well positioned in the domestic retail industry due to its strong execution capabilities, disciplined low prices and low cost strategy, low cost of operations and well-organized distribution network. is in. All these help DMart to enter new markets.

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