The rapid growth of Avenue Supermart, which runs DMart retail stores, has not only made its owner and veteran investor Radhakrishna Damani in the list of the richest person in the country, but it has also made its CEO the richest CEO in the country. Is. A sharp jump in the shares of Avenue Supermart has made the company’s CEO Ignatius Navil Noronha the owner of Rs 5146 crore. Presently he is the richest professional manager in the country.
Avenue Supermart shares boom made it so rich
Avenue Supermart was listed four years ago and since then its shares have shown tremendous growth. Therefore, it has benefited the company’s owner Radhakrishna Damani as well as CEO Ignatius Navil Noronha. Since March 23 last year, shares of Avenue Supermart have registered a growth of 123 percent. The last one and a half years have been tough for all the listed retailers including DMart. Due to the lockdown, the number of their customers has come down and this affected the profits. Rapid growth in e-retailing hurt physical retail stores with large formats. But in these difficult times, the investors of Avenue Supermart kept their faith in it.
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Radhakrishna Damani holds 75 per cent stake in the company. Whereas Noronha’s stake is only 2.03 percent. Apart from Noronha, two more big executives of the company have benefited from the sharp rise in the shares of Avenue Supermart. The company’s Chief Financial Officer (CFO) Ramakant Baheti holds 0.42 per cent stake in the company. Due to this, his assets have reached about Rs 1,074 crore. He is the second richest CEO in the country. At the same time, the assets of Alvin Machado of DMart have become Rs 123 crore. Tech Mahindra CEO C.P. Gurnani is the third richest CEO of the country. His assets are Rs 1,024.3 crore.