News by Supriya Surendran

IJM Corp Bhd is set to take part in a property development project in Nagpur, the third-biggest city in the Maharashtra state of India.

At 5pm yesterday, Malton shares gained 24 sen or 15.58%. Earlier, it hit an intraday high of RM1.94 at 3.14pm. At market close, the counter was the sixth top gainer on Bursa Malaysia.

IWCity said there is no unannounced corporate development, rumour, report or any other possible explanation to account for the unusual trading of its shares.

Iskandar Waterfront City Bhd (IWCity) shares fell 7% while Ekovest Bhd dropped 5% on profit taking after the Malaysian Government confirmed IWH CREC Sdn Bhd is allowed to bid for the Bandar Malaysia real estate project again.

Enra Group Bhd is selling its properties in Holiday Plaza, Johor, together with some office units in Taman Shamelin Perkasa here, for RM85.15 million in all, to its former largest shareholder, Tan Sri David Law Tien Seng.

UOB Malaysia senior vice president of global economics and markets research Julia Goh is of the view that the central bank will keep the rate unchanged for this year.

"I don't think the rate cut will happen now because you have higher inflation, so the objective is not to cut rates because when you cut rates you create more bias [towards] inflation, which is not positive."

Property developer has received interest in its land more so now than ever before.

OCR intends to utilise the proceeds for its Affordable Housing Development Scheme with Yayasan Pahang in Pahang and its housing project on 8.7 acres of land situated in Teras Jernang, Bangi.

It also attributed the better earnings to cost savings enjoyed from the near completion of underground works of the Klang Valley mass rapid transit (KVMRT) Line 1.