Shares of Jet Airways and Spicejet locked at 5 percent upper circuit with pending buy orders.
Investors gave a thumbs-up to Civil Aviation Ministry for allowing resumption of domestic flights beginning May 25.
Stock price of airline companies like SpiceJet, IndiGo (Interglobe Aviation) and Jet Airways rose between five to nine percent in early trade on May 21.
Jet Airways was quoting at Rs 20.30, up Rs 0.95, or 4.91 percent with pending buy orders of 4,855 shares, with no sellers available.
SpiceJet was quoting at Rs 42.95, up Rs 2, or 4.88 percent with pending buy orders of 876,162 shares, with no sellers available.
InterGlobe Aviation was quoting at Rs 974.25, up Rs 62.35, or 6.84 percent on the BSE.
The flights were suspended from March 25, when the first phase of the national lockdown was announced to control the outbreak of novel coronavirus, or COVID-19. However, the government has decided on re-open the skies from May 25.
Flight operations will resume on May 25 with one-third the schedule, with most airports expected to be open for service, senior officials said.
Top executives of all airlines are expected to meet officials of the Ministry of Civil Aviation, and industry regulator DGCA, on May 21 to chart out the details.
The official added that once the schedule is finalised, airlines will begin to accept bookings. At the same time, he added that it is not yet clear if airports in red zone will open from May 25.
The Airports Authority of India (AAI) is set to issue several guidelines to be followed for airlines and flyers.
Compulsory registration on Aarogya Setu app, use of masks and gloves, and thermal screening are some of the Standard Operating Procedures (SOPs) that the AAI is expected to issue to airlines and airport operators.