Soaring stocks add Rs 3K cr to govt kitty

The zooming Sens*x has not only made Mukesh Ambani and many others richer, the government too has found a reason to celebrate. Revenues on account of the securities transaction tax (STT) have grown about 45% in the first six months to Rs 3,100 crore, thanks to increased trading activity in the stock market. STT collections have been rising steadily since the beginning of the fiscal. Though the collections were slightly subdued in April 2007 at Rs 431 crore compared to Rs 456 crore in April 2006, they have been growing steadily on a buoyant stock market.