Grasim Industries Limited's (Grasim's) reported marginally better-thanexpected Q4FY2020 results. Its standalone net revenue declined 19% y-o-y (down 4.1% q-o-q) as both the viscose and chemical divisions were affected by loss of sales during last ten days of March 2020 (COVID-19 led nationwide lockdown) along with continued weak pricing environment. OPMs of the viscose division were 75 bps higher q-o-q than chemicals led by lower pulp prices. Adjusted OPM of the chemicals division declined 374 bps q-o-q led by lower user demand, higher imports and domestic capacity additions. Hence on a blended basis, OPM remained almost flat q-o-q at...