Shares of Jet Airways gain 4.3 percent, after Indian budget carrier SpiceJet swung to a quarterly profit on Monday, aided by higher fares, sending its shares up as much as 7.6 percent.

"SpiceJet's result offers a very positive read-through for Jet's 3Q results," IIFL says in a note.

Dealers say investors are also hopeful of some traction in Jet's talks with Etihad for potential stake sale.

Jet Airways, India's second-largest carrier, is in talks with Abu Dhabi's Etihad Airways to sell a stake, it said earlier this month, in what could be the first deal in the sector following the rule change.


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