Mumbai, April 20 -- The stock rallied after reports that the Jonnagiri Gold Project in Kurnool district in Andhra Pradesh is nearing commercial production, expected in early May 2026.

The project, a Rs 400 crore private gold mining venture, marks a significant milestone as India's first large-scale private gold mine since Independence. The development is seen as a step towards reducing the country's heavy reliance on imported gold.

India imports over 800 tonnes of gold annually, while domestic production remains limited. Hutti Gold Mines is currently the only major producer, with output of around 1.5 tonnes per year. The closure of Kolar Gold Fields in 2000 had further constrained domestic supply.

Spread across nearly 598 hectares, the...