JSW Steel is planning to invest over Rs 5,000 crore to strengthen its downstream manufacturing capabilities, said company's Joint MD Seshagiri Rao

Both benchmark indices - Sensex and Nifty - recorded their third straight weekly gains by rising 298.61 points and 97 points, respectively.

Other paint stocks too gained in early trade. While Berger Paints gained 5.30% to 325 level, Shalimar Paints rose 2.56% to 88.20. Kansai Nerolac Paints too rallied 4.85% to 421.25 level on the BSE. Crude oil is a key raw material in the production of paints.

Of the 1198 bankrupt companies admitted for resolution, just 52 are being sold until September end. The liquidation process has started in 212 cases. There are 816 cases pending for resolution.

However, most Asian markets ended lower after a rout in tech stocks, tracking a hefty sell-off on Wall Street, while the dollar hit a 16-month peak on safe haven bets amid China-US trade war worries.

The company has already made investments worth Rs 75,000 crore in the state so far.