SpiceJet (up 6.38%) and Jet Airways (India) (up 5.67%), edged higher.
However, Kingfisher Airlines (KFA) hit a lower circuit limit of 5% at Rs 7.23. Kingfisher Airlines has been grounded since 1 October 2012 following unrest by employees and a subsequent disruption in its flight schedules. Its flying licence was suspended in December 2012, and the airline has two years to get it renewed.
The S&P BSE Sensex was up 102.37 points, or 0.56% at 18,344.93.
US crude oil futures for May 2013 delivery were down $2.62 a barrel at $88.73 a barrel in the electronic trading today, 15 April 2013. The contract had tumbled $2.22 a barrel or 2.37% to settle at $91.29 a barrel on the New York Mercantile Exchange on Friday, 12 April 2013.
Prices of aviation turbine fuel (ATF), which constitutes approximately 40% to 50% of operating expenses of Indian airlines, are directly linked to crude oil prices. State-run oil marketing companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- revise jet fuel prices on the 1st and 16th of every month based on the average international crude price in the preceding fortnight.
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