GSP Crop Science IPO opens today: Check GMP, price band, key dates, review

by Hansraj Agrawal | Mar 16, 2026 | Share Market

GSP Crop Science IPO: The initial public offering (IPO) of GSP Crop Science, an agrochemical company, opens for public subscription today, March 16, 2026. The company aims to raise ₹400 crore through its mainline issue comprising a fresh issue of 7.5 million equity shares and an offer for sale (OFS) of 5 million shares.

Ahead of its IPO, the company raised ₹120 crore from two anchor investors on March 13. The company has allotted 3.75 million shares to anchor investors at the upper end at the price of ₹304 to ₹320 per share. Craft Emerging Market Fund PCC and Shine Star Build Cap participated in the anchor round, according to a circular uploaded on BSE’s website.

GSP Crop Science IPO GMP

On Monday, the unlisted shares of GSP Crop Science were trading flat at ₹320, the upper band price, according to the sources tracking unofficial markets.

GSP Crop Science IPO review

According to SBI Securities, the second half of the fiscal year is seasonally weak for crop protection chemical manufacturers, and the current rise in raw material and freight costs due to the Middle East war is likely to impact performance in Q4FY26. Additionally, the 2026 monsoon is likely to be weaker than last year due to the possible development of El Niño conditions, which could impact the acreage and the resultant demand for insecticides, herbicides, and fungicides.

“At the upper price band of the issue price of ₹320, the IPO is valued at 18.3x FY25 P/E, which is at a premium to peers that are domestic market focused,” the brokerage said in its note. Hence, it assigned a ‘Neutral’ rating and would like to monitor the company’s performance for a few quarters post-listing.
READ | Innovision IPO extended to Mar 17: Check price band, subscription, GMP

Here are the key details of the GSP Crop Science IPO:

GSP Crop Science IPO key dates

The subscription window for the issue will close on Wednesday, March 18, 2026. The share allotment process is expected to be concluded by Friday, March 20. The company is expected to list its shares on the exchanges, NSE and BSE, on Tuesday, March 24.

GSP Crop Science IPO lot size

GSP Crop Science has set the price band for the issue in the range of ₹304 to ₹320 per share. The lot size for an application is 46 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,720 to bid for at least one lot and in multiples thereof.

GSP Crop Science IPO registrar, lead manager

MUFG Intime India is serving as the registrar for the issue. Equirus Capital and Motilal Oswal Investment Advisors are the book-running lead managers.

GSP Crop Science IPO objective

According to the red herring prospectus (RHP), the company plans to utilise ₹170 crore from the net fresh issue proceeds for repayment or prepayment of certain borrowings availed by the company. The remaining funds will be used for general corporate purposes.

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Smallcap stock to buy: Angel One picks Himadri Speciality shares for 25% upside

by Hansraj Agrawal | Mar 16, 2026 | Share Market

Stock to buy: Brokerage firm Angel One has initiated coverage on Himadri Speciality Chemicals Ltd (HSCL) with a ‘Buy’ rating. It said that HSCL is positioned to benefit from the rising demand for advanced carbon materials and future-facing battery technologies.

The brokerage has set a target price of ₹550 on Himadri Speciality Chemicals, based on a 28× P/E multiple on projected FY28 earnings. This implies an upside of 25 per cent from the previous close of ₹440.

The target price could be achieved over a period of the next 12 months, the brokerage said in its note.

Himadri Speciality Chemicals is a constituent of the Nifty Smallcap 100 index, and the company commands a market capitalisation of more than ₹10,000 crore, according to exchange data.
The small-cap index has seen a modest gain of around 10 per cent over the past year, while it has surged more than 50 per cent in two years. In the long term, Himadri Speciality Chemical shares have delivered remarkable returns, zooming 390 per cent in three years and an impressive 660 per cent in five years.

According to Angel One, Himadri represents a rare convergence of proven execution in legacy businesses and a high-conviction bet on India’s energy transition. The Kolkata-based company is transitioning from a traditional speciality chemical manufacturer to a key player in the energy transition ecosystem.

“The company is transitioning from a steady speciality chemical compounder to a high-growth battery materials enabler with first-mover advantage in LFP (lithium iron phosphate) cathodes and anode materials,” Angel One said.

Favourable Global Industry

The brokerage also highlighted favourable global industry dynamics for the company’s core products. It said that the European Union’s ban on Russian carbon black imports, which has been in effect since mid-2022 and was tightened in 2025, has created a significant supply gap for a critical industrial input.

This ban has created a 1+ million MTPA export opportunity for Indian producers, the brokerage said.

Before the ban, Russia accounted for 20–25 per cent of Europe’s 2–3 million metric tonne per annum (MTPA).

Himadri operates the world’s largest single-site carbon black facility. According to the brokerage, the facility provides scale benefits and cost efficiencies, allowing the company to produce at 10–15 per cent lower cost versus fragmented peers, supporting EBITDA margins and competitiveness in exports. READ | Stocks to buy today: Analyst bullish on these two power shares

Focus On Battery Materials

The brokerage also pointed out that the company is growing its focus on battery materials. Himadri is expected to commission India’s first commercial LFP cathode plant in Q3 FY27 with a capacity of 40,000 tonnes per annum.

LFP cathodes are expected to generate EBITDA margins of 25–30 per cent, higher than the core business’s 20 per cent margin, it said.

The management is targeting more than 25 per cent ROCE from the battery materials segment, which looks highly plausible on an Rs 4,800 crore investment expected to generate Rs 20,000 crore lifetime revenue (4x multiplier). Additionally, the company is also in discussions with companies like Ola Electric, Reliance and Tata AutoComp for partnerships.

Further, the US-India trade agreement and announcements in the Union Budget, such as rare earth corridors and chemical parks, also augur well for the company’s growth in the medium to long term.

Founded in 1990, Himadri operates across 56 countries and is considered a pioneer in advanced carbon materials in India. It achieved net debt-free status in March 2024.

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Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers’ discretion is advised.

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Oil climbs above $100 as West Asia conflict threatens export facilities

by Hansraj Agrawal | Mar 16, 2026 | Share Market

Oil prices extended gains on Monday as the US-Israeli war against Iran entered a third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the biggest disruption to global supplies ever.

Brent crude futures jumped $2.01, or 1.95 per cent, to $105.15 a barrel by 2338 GMT after settling $2.68 higher on Friday.

US West Texas Intermediate crude climbed $1.61, or 1.63 per cent, to $100.32 a barrel, ‌after gaining nearly $3 in the previous session.

Both contracts have surged more than 40 per cent this month to their highest levels since 2022 after the US-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz – a key chokepoint for a fifth of the global oil supply.

US President Donald Trump threatened further strikes on Iran’s Kharg Island oil export hub after hitting military targets over the weekend, drawing a defiant response of more retaliation from Tehran. Kharg Island handles about 90 per cent of Iran’s oil exports.

Iranian drones hit a key oil terminal in Fujairah in the United Arab Emirates shortly after the attacks on Kharg. Oil loading operations at Fujairah have since resumed, four sources said, but it was unclear if the operations were back to normal.

Fujairah, outside the Strait of Hormuz, ‌is the outlet for about 1 million barrels per day of the UAE’s flagship Murban crude oil – a volume equal to about 1 per cent of world demand.

“The US is weighing high-risk ground options including raiding nuclear sites for Iran’s enriched uranium, seizing the Kharg Island oil hub, and occupying southern Iran to protect the Strait of Hormuz,” SEB analyst Erik Meyersson said in a note.

“All of these imply significant escalation and require a tolerance for substantially higher risk.”

Trump has urged allies to deploy warships to help secure the strategic gateway. He plans to announce a coalition to escort ships through the Strait of Hormuz as soon as this week, the Wall Street Journal reported on Sunday.

Oil reserves

The International Energy Agency on Sunday ‌said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by West Asia war.

Stocks from Asia and Oceania countries will be released immediately and ‌those from Europe and the Americas will be available at the end of March, the agency said.

Meanwhile, the Trump administration has ‌rebuffed efforts by West Asian allies to start diplomatic negotiations, according to three sources familiar with the efforts, while Iran has rejected the possibility of any ceasefire until the US and Israeli strikes end, dimming hopes of a ‌quick end to the conflict.

“As the conflict enters its third week, the lack of a clear denouement has left global markets increasingly worried about an uncontrollable escalatory spiral,” SEB’s Meyersson said.

Still, US Energy Secretary Chris Wright said on Sunday ‌that he expects the US war with Iran to end within “the next few weeks”, with oil supplies rebounding and energy costs declining afterwards.

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Oil market set for tumultuous week on rising West Asia conflict risks

by Hansraj Agrawal | Mar 15, 2026 | Share Market

Global oil markets face another volatile week after a US strike on Iran’s main export hub heightened fears of supply disruption across West Asia and deepened concerns over a conflict that has already upended global energy flows.

US President Donald Trump said late Friday that US forces had struck military targets on Iran’s key Kharg Island facility and warned that further attacks could target energy infrastructure if Tehran interferes with transit through the Strait of Hormuz — the narrow waterway linking the Persian Gulf with global markets. Traffic through Hormuz has largely stalled since the conflict escalated.

Kharg Island handles most of Iran’s crude exports, making it a critical node in global supply chains. While Iranian media said exports were continuing, the strike has heightened concerns about further retaliation and damage to regional energy infrastructure.

The conflict has already triggered significant volatility in oil markets. Brent crude surged 11 per cent last week, touching $119.50 a barrel before closing just above $103 — its most volatile stretch since futures trading began in 1988.

Market participants expect heightened nervousness when trading resumes. “We are still hurtling down the highway at breakneck speed, in the left lane, with no sign of when we’re going to be able to veer off onto the exit ramp,” said Stephen Schork, founder of Radnor, Pennsylvania-based Schork Group, adding he would not be surprised to see crude open above $117 a barrel, and “we could even possibly open up above that number.”

The turmoil is also accelerating efforts by Asian countries to diversify energy sources away from West Asia.

Environmental Protection Agency Administrator Lee Zeldin said several Indo-Pacific nations are increasingly looking to the United States as an alternative energy supplier amid the ongoing instability.

Speaking at an energy forum in Tokyo, Zeldin said US companies had secured more than $50 billion in energy deals over the past 48 hours as countries sought to diversify supply chains following the disruption in Gulf exports.

Indo-Pacific countries are now “far more motivated” to reduce reliance on West Asian supplies, he said, noting that energy shipments from Alaska could reach Asian markets in roughly eight days compared with about 28 days from West Asia.

Despite concerns about policy uncertainty in Washington, Zeldin said countries in the region were “gravitating towards the US” as governments pursue alternative energy partnerships.

Emergency oil stocks to flow immediately into Asia: IEA

The International Energy Agency (IEA) on Sunday said oil from a record stockpile release will be made available in Asia immediately as buyers in the region clamour to replace barrels lost to war-related disruptions in West Asia. The agency released a statement after it said it received implementation plans from member states. Barrels for Europe and US will only be made available from the end of March. Governments have committed to make available 271.7 million barrels of oil from government stocks, 116.6 million from obligated industry stocks, and 23.6 million from other sources. 72 per cent of planned releases are in the form of crude oil and 28 per cent are oil products. [Agencies]

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Gold, silver may see correction next week amid West Asia tensions: Analysts

by Hansraj Agrawal | Mar 15, 2026 | Share Market

Gold and silver prices are expected to see more corrective moves for the coming week as investors closely track geopolitical developments in West Asia and key central bank meetings that could affect the trajectory of the global monetary policy, analysts said.

Traders will remain focused on the evolving conflict in West Asia as any signs of escalation or de-escalation could trigger sharp swings across financial markets, they added.

“In the week ahead, focus will remain in the Middle East region as any signs of further escalation or de-escalation may led to increased volatility in the financial markets,” Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services Ltd, said.

On the macroeconomic front, investors will monitor a raft of key central bank meetings scheduled during the week. The US Federal Reserve will announce its policy decision on Wednesday, followed by the European Central Bank and the Bank of England on Thursday and the People’s Bank of China on Friday.

These central banks are widely expected to keep the interest rates unchanged, and market participants will closely analyse their forward guidance for fresh insights on the trajectory of the global monetary policy, Mer said.

Bullion prices in the domestic markets remained under pressure during the past week. On the Multi Commodity Exchange, silver plunged ₹8,850, or 3.3 per cent, while gold depreciated by ₹3,168, or 2 per cent.

According to Mer, gold prices broke down from a consolidation range on Friday and ended the week down by nearly 2 per cent, weighed by a stronger US dollar and rising bets that global central banks may delay interest rate cuts amid surging crude oil prices.

He added that the yellow metal prices were down despite a broad sell-off in risk assets like equities, as traders/ investors look to cash in at higher prices or possibly need-based selling like for margin calls, etc.

Despite weakness in prices, bullion continued to remain supported by safe-haven support due to the escalating conflict in West Asia, Mer said.

In the international market, Comex silver slipped nearly USD 3, or 3.52 per cent, during the last week, while gold declined USD 97, or 2 per cent.

“Silver prices closed in negative for the second consecutive week, weighed by a stronger dollar and a consolidative/ corrective move in the industrial metals,” Mer said.

Vijay Kuppa, CEO of InCred Money, said gold and silver remain key portfolio diversifiers despite short-term volatility.

“Gold and silver earn their place not because of what they return in isolation, but because of how they behave relative to everything else,” he said, adding that the metals show how low correlation with equities and offer a hedge against currency debasement.

He added that while broader commodity markets have been impacted by disrupted supply chains and shifting trade routes amid the conflict, investors should avoid attempting to time the bullion market and instead maintain a long-term allocation.

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Par panel recommends IPO route for profitable RRBs to raise capital

by Hansraj Agrawal | Mar 15, 2026 | Share Market

The government should consider launching public offerings of highly profitable Regional Rural Banks (RRBs) to attract market capital and promote stronger corporate governance standards, a Parliamentary panel has said in its report.

Standing Committee on Finance, headed by senior BJP leader Bhartruhari Mahtab noted the successful completion of the structural consolidation of RRBs, reducing their number from 43 to 28 highly viable entities across 11 states, eliminating the need for further capital infusion in 2026-27.

RRBs have achieved a historic consolidated net profit of Rs 7,720 crore in just the first nine months of FY 2025-26, driving gross NPAs down to a 13-year low of 5.4 per cent, though vulnerabilities remain, particularly the 13.8 per cent GNPA in priority sector education loans.

The panel recommend that RRBs actively mitigate these specific sectoral risks by fully leveraging their inclusion in the Credit Guarantee Fund Scheme for Education Loans (CGFSEL) and aggressively deploying AI-driven automated Early Warning Signals (EWS).

“Furthermore, the committee strongly urged the government to proceed with guiding highly profitable RRBs toward Initial Public Offerings (IPOs) to attract market capital and enforce higher standards of corporate governance,” it said in its recently submitted report.

Guided by the principle of ‘One State-One RRB’, the government continued with the process of further consolidation of RRBs, and one state-owned RRB became a reality following the amalgamation of 15 RRBs across 11 states to achieve better operational efficiency and cost rationalization, from May 1, 2025.

This was the fourth phase of consolidation, reducing the number of RRBs from 43 to 28 in 26 states and 2 UTs, vide government notification dated April 5, 2025.

In phase 1 (FY 2006 to FY 2010), the number of RRBs was reduced from 196 to 82. It was further brought down from 82 to 56 in phase 2 (FY 2013 – FY 2015), and in phase 3, it was reduced from 56 to 43.

Amalgamation of RRBs has resulted in the formation of a state-level RRB with a contiguous area of operation, leading to simplified management and ease of service delivery.

The RRBs have increased their capital base, enhancing the financial stability and resilience of the merged entity.

By consolidating operations and eliminating redundancies on account of separate administrative structures, amalgamation is expected to lead to cost savings. Further, amalgamated RRBs can invest in and leverage advanced technology platforms, leading to improved operational efficiency and customer service.

These banks were formed under the RRB Act, 1976, with the objective of providing credit and other facilities to small farmers, agricultural labourers and artisans in rural areas.

The Act was amended in 2015, whereby such banks were permitted to raise capital from sources other than the Centre, states and sponsor banks.

Currently, the Centre holds a 50 per cent stake in RRBs, while 35 per cent and 15 per cent are with the concerned sponsor banks and state governments, respectively.

Even after stake dilution, the shareholding of the Centre and the sponsor public sector banks together cannot fall below 51 per cent, according to the amended Act.

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