I have created a mysql table with the following columns...
item_price, discount, delivery_charge, grand_total
The value of item_price
I think you'd have to use a BEFORE INSERT
trigger for that:
http://dev.mysql.com/doc/refman/5.6/en/create-trigger.html
Something like this (untested off the top of my header code):
CREATE TRIGGER blahblah BEFORE INSERT ON your_table
FOR EACH ROW BEGIN
set new.grand_total = new.item_price - new.discount + new.delivery_charge;
END;