The Indian airline sector is buzzing with a series of new developments that have come up during the weekend.

Budget-carrier SpiceJet has signed a pact with French company CFM for the purchase of 155 LEAP-1B engines for its fleet of Boeing 737 MAX airplanes, said the company. The deal is worth $12.5 billion (approx. Rs. 81,000 crore) and includes spare engines to support the fleet. Currently, Spicejet operates a fleet of around 40 CFM56-7B fitted Boeing 737 NG airplanes.

There is also buzz in the market that Jet Airway through a consortium consisting of Air France-KLM and Delta Air Lines is planning to bid for the assets of Indian national carrier Air India. Also, Jet Airway's partner Etihad Airways which holds 24 per cent stake in the company might exit the airline in December.

Meanwhile, Air India took delivery of a Boeing B777-300 ER plane. The plane was ordered a decade ago and can carry almost 300 passengers and is designed for ultra long-haul flights.

Airlines stocks were trading mixed on Monday. At 11:31 hours, the stock of Spicejet was trading at Rs. 136.35 per share, up 0.22 per cent; Jet Airways was at Rs. 682.60 per share, down by 0.76 per cent; Interglobe Aviation was at Rs. 1,307.80 per share, up 1.70 per cent.