First of all, I would like to apologise for replying to this thread, as it has been marked to Sri Sri Ravi Swamin. Still thought of sharing whatever, kinchit-gnanam adiyen have..
This sloka was composed by our Aachaaryaal - Sri Adi Shankara Bhagavath Padhaal.. There was an occasion when He had to leave His body aside and take shelter of a King's body (Amarasenan) to learn few aspects of Shaastraas. Shankarar's sishyaas were protecting His body in a cave. The queen being a devotee of Ambaa, became aware that His husband was not anymore His own and someone else had come in His roopam.
This word reached the Manthri and he started searching, finally landing up in the cave where Shankarar's thirumeni had been kept under protection. The soldiers seized the same and set fire. A knower of all three kalaas (past, present and future), Aachaaryaal came to know about this and rushed out of the King's body to enter His own. By the time that happened, one hand and leg of Shnkarar's body had already been burned.
At this time, He prays to Lakshmi Nrisimhan for giving Him a "Helping Hand". Listeining to shankarar's plea, Lakshmi Nrisimhan granted Aachaaryaal His divine form and removed the burned marks from Aachaaryaals' body. After this, Shankarar again re-entered His own Thirumeni....
This is the legend.
So, If we chant this sloka, Lakshmi Nrisimhan will give us a helping hand during times of grief..
Niyamam: The usual procedure said.. Better to chant this during mornings after bath and "Sandhyavandhanam"...