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By
Reuters
Published
Oct 26, 2008
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India's Grasim to cut viscose staple fibre output

By
Reuters
Published
Oct 26, 2008

MUMBAI, Oct 26 (Reuters) - India's Grasim Industries Ltd , part of the Aditya Birla Group, said late on Saturday it would curtail its production of viscose staple fibre (VSF) by 30 percent.

Grasim, which makes cement, chemicals and synthetic fibre, produced 62,973 metric tonnes of viscose staple fibre in the second quarter to September, down 10 percent from year-ago.

"Due to (the) global slowdown of economic activity and rising inflation the textile industry worldwide has slowed down," the company said in a statement.

The financial crisis had also increased trade credit risk, which led it to cut production, it said.

While announcing its second-quarter results on Thursday, the company had said "the performance of VSF business was impacted due to the sluggish demand, given the global slowdown and liquidation of inventory in the value chain".

But it expressed optimism over the long-term outlook for the business.

Shares in Grasim closed down nearly 11 percent on Friday at 1,053.45 rupees in a weak Mumbai market. (Reporting by Janaki Krishnan; Editing by Jan Dahinten)

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