New Delhi: Sagarmala Finance Corporation plans to raise India’s first blue bonds this fiscal, according to managing director L V S Sudhakar Babu.

The state-owned lender is preparing to launch its maiden bond issue soon to raise up to ₹1,000 crore. “This will be a ₹500 crore base issue, with a green shoe option of another ₹500 crore,” Babu told ET.

Trust Capital, AK Capital and Tipsons have been appointed advisers for the issue. The proposed blue bonds are aimed at investors seeking exposure to maritime projects. On Friday, the benchmark 10-year government bond yield stood at 6.996%.

Sagarmala Finance Corporation Ltd (SMFCL), India’s first maritime-focused non-banking finance company, aims to achieve cumulative disbursements of ₹60,205 crore by 2030-31. The company has a mandate to raise up to ₹25,000 crore.
Officials said the planned fund raise would help address the lender’s asset-liability mismatch. While its existing borrowings have an average repayment period of about 3.5 years, its loan assets typically have a gestation period of around 12 years.

Andover, Mass. — Vicor Corporation, a specialist in high-performance power conversion components critical for artificial intelligence infrastructure, has delivered strong results and raised guidance in 2026, fueling a sharp rally in its shares even as analysts debate whether current valuations leave room for further upside.

Vicor (NASDAQ: VICR) shares have surged dramatically, recently trading near $330–$345 after multiple upward revisions, reflecting robust demand for its advanced power delivery solutions in AI servers and high-performance computing. The stock has posted triple-digit percentage gains over the past year, propelled by the global buildout of data centers requiring efficient, high-density power systems.

Strong Q1 Results and Upward Guidance Revision

Vicor reported first-quarter 2026 revenue of $113 million, up 20.2% from the year-ago period and 5.3% sequentially. Gross margin expanded significantly to 55.2%, and net income reached $20.7 million, or $0.44 per diluted share, comfortably beating expectations.

On May 26, the company raised its second-quarter revenue guidance from $126 million to $142 million, citing stronger product sales and a new licensing agreement covering its patented power system technologies, including Factorized Power Architecture and Vertical Power Delivery solutions optimized for AI applications.

Full-year 2026 revenue guidance stands near $570 million, assuming no additional major licensing deals. Management highlighted a book-to-bill ratio above 2.0 and a 75% sequential increase in backlog to $301 million, underscoring sustained demand across AI, industrial and aerospace markets.

AI Tailwinds Drive Growth

Vicor’s proprietary technologies address critical challenges in powering next-generation AI processors, delivering superior efficiency, power density and current delivery in compact form factors. Its second-generation Vertical Power Delivery solution offers 3 amps per square millimeter in a thin 1.5mm package, positioning the company as a key enabler for advanced GPU and accelerator systems.

The company has benefited from a major lead customer ramping wafer-scale AI engines and broader adoption in data center power architectures. New licensing revenue adds high-margin, recurring streams while expanding market reach through OEM partnerships.

Analyst Views and Valuation Debate

Wall Street maintains a generally positive stance, with a consensus “Buy” rating from multiple firms. Recent targets range widely: Needham raised its price target to $350, while others cluster between $260 and $305. Average targets around $228–$262 suggest potential downside from current levels near $340, reflecting concerns over elevated multiples.

The stock trades at premium valuations, with price-to-sales near 27x and forward price-to-earnings exceeding 100x in some models. Some analysts and valuation tools flag significant overvaluation relative to historical norms and peers, warning of risks if AI spending moderates or execution falters.

Insider selling has accompanied the rally, with executives and directors offloading shares, prompting caution among short-term traders despite strong fundamentals.

Risks and Considerations

Vicor faces typical semiconductor cycle risks, including potential slowdowns in hyperscaler capital expenditure, supply chain constraints and intense competition from larger power management players. Legal costs related to intellectual property enforcement have risen, though the company continues aggressive protection of its technology portfolio.

Macro factors such as interest rates, energy costs for data centers and geopolitical tensions affecting chip supply could influence demand. The company’s high beta makes it sensitive to broader market swings, contributing to recent volatility.

Investment Outlook for 2026

For growth-oriented investors bullish on the multi-year AI infrastructure cycle, Vicor offers compelling exposure through its specialized power solutions and expanding licensing model. Strong backlog, margin expansion and technology leadership support optimism for continued outperformance if execution remains solid.

Conservative investors may view current prices as pricing in much of the near-term upside, favoring a wait for pullbacks or clearer evidence of sustained growth. Diversification across the semiconductor sector remains advisable given the stock’s volatility.

Upcoming quarterly results and any further licensing announcements will serve as key catalysts. Vicor’s trajectory in 2026 hinges on its ability to capitalize on the AI power revolution while managing valuations that have expanded rapidly alongside the rally.

The company’s clean balance sheet, with substantial cash and minimal debt, provides flexibility for investment and potential shareholder returns. Long-term prospects appear tied to the continued proliferation of power-hungry AI systems, where Vicor’s innovations in density and efficiency could command premium positioning.

Investors should weigh the transformative potential of AI-driven demand against the risks of cyclical corrections and rich valuations. As of late May 2026, Vicor exemplifies both the opportunities and challenges in the high-growth technology supply chain.

Toronto-Dominion Bank is lifting its dividend payout, joining other big Canadian banks in returning cash to investors following a strong underlying performance in the latest quarter.

The lender said it would increase its dividend 3.7% for the new quarter. The boost reflects confidence in TD’s growth and earnings power, Chief Executive Raymond Chun said.

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Video games are often judged by their graphics or story. But the real magic usually happens under the hood. That is where developers build the systems that make worlds feel alive.

Hooman Arman Nissani has spent his career doing exactly that.

The Glendale, California native is a video game developer, game designer, and technical director known for his work on complex game systems, artificial intelligence, and open-world mechanics. Over the past decade, he has worked across multiple studios and projects before launching his own independent studio, Nissani Interactive, in 2021.

His goal is simple but ambitious.

“I want games to feel like living ecosystems,” Nissani says. “The best moments in games are the ones the developers didn’t script.”

Early Curiosity: From Arcade Games to Programming

Nissani’s path into the gaming industry started early.

He grew up in Glendale, just outside Los Angeles, in a household where education and creativity were strongly encouraged. As a child in the late 1990s, he became fascinated with the games that defined that era.

Titles like The Legend of Zelda: Ocarina of Time, Half-Life, Final Fantasy VII, and StarCraft left a strong impression on him.

But playing games was only part of the experience.

“What fascinated me most was not just playing,” he recalls. “I wanted to understand how the game actually worked.”

By age 12, he was teaching himself programming using books and tutorials from the Glendale Public Library. His first languages included QBASIC, HTML, JavaScript, and C++.

One of his earliest projects was a simple 2D platform game inspired by the Santa Monica Pier and Griffith Park.

“I remember trying to recreate places I knew,” he says. “Even back then I was thinking about how environments shape gameplay.”

Studying Computer Science and Game Design at UC Irvine

Nissani attended Clark Magnet High School in Glendale, a school known for its engineering and technology programs. There he focused on computer science, robotics, and digital media.

During his senior year, he won a regional student competition for creating an educational game that taught physics concepts through interactive puzzles.

The experience reinforced his interest in interactive systems.

After high school, he enrolled at the University of California, Irvine, earning a Bachelor of Science in Computer Science with a minor in Game Design and Interactive Media.

At UC Irvine, he focused on subjects that would later shape his career.

These included game engine architecture, artificial intelligence systems, graphics programming, and procedural generation.

He also joined the university’s Game Developers Club, where students collaborated on small independent projects.

“That environment was important,” he says. “You learn quickly that game development is deeply collaborative.”

Breaking Into the Gaming Industry

After graduating in 2009, Nissani moved to Santa Monica, where many game studios operate.

He began working as a Junior Gameplay Programmer at PixelForge Interactive, contributing to mobile and indie PC titles.

The role gave him hands-on experience writing gameplay mechanics, debugging game engines, and optimizing performance for smaller devices.

Those early years shaped his technical approach.

“You spend a lot of time fixing problems,” he says. “Debugging teaches you how complex systems actually behave.”

Eclipse of Empires and a Breakthrough Project

Nissani’s career took a major step forward in 2013 when he joined NovaRealm Studios as a Gameplay Systems Engineer.

There he worked on the open-world RPG Eclipse of Empires, which launched in 2014.

His responsibilities included designing enemy AI behaviors, building procedural weather systems, and creating parts of the game’s player skill tree architecture.

He also worked on environmental physics interactions.

“The goal was to create a world that reacts to the player,” Nissani says. “Weather, AI, and physics all had to talk to each other.”

The game’s success raised his profile inside the industry and opened the door to larger technical leadership roles.

From Lead Programmer to Technical Director

In 2017, Nissani became Lead Programmer on the cyberpunk action game Neon Circuit.

The game was set in a futuristic version of Los Angeles and required complex urban simulation systems.

His work included crowd simulation, NPC dialogue AI, and vehicle physics designed for dense city gameplay.

Three years later, he served as Technical Director on the strategy sandbox game Frontier Architects.

The project pushed deeper into simulation systems.

Players could build colonies on distant planets using procedural terrain generation and autonomous NPC colony management.

“These kinds of games are about systems interacting,” he says. “When players discover unexpected outcomes, that’s when a game becomes memorable.”

Founding Nissani Interactive

In 2021, Nissani founded his own studio, Nissani Interactive, based in Los Angeles.

The company operates with a small distributed team of developers, artists, and writers.

The studio focuses on narrative-driven indie games and experimental AI-driven NPC behavior.

For Nissani, the move to independence was about creative flexibility.

“Smaller teams can take bigger risks,” he says. “You can explore ideas that might not fit inside a large studio pipeline.”

Much of his current work explores adaptive storytelling and AI-generated characters.

The Future of AI-Driven Game Worlds

Looking ahead, Nissani believes the gaming industry is entering a new phase.

Advances in artificial intelligence and procedural generation are changing how interactive worlds are built.

Instead of scripted experiences, games may evolve into dynamic environments that respond continuously to players.

“The future of gaming is systems that learn and adapt,” he says. “Stories won’t always be written ahead of time. They will emerge from how players interact with the world.”

For developers like Hooman Nissani, that future is already taking shape inside the code.

Mumbai: The Securities and Exchange Board of India (Sebi) has imposed ₹29 crore in penalties on Suzlon Energy, its chairman and managing director Vinod Tanti, and three other company executives for misleading investors by allegedly misstating its financial statements between FY14 and FY20.

In a 96-page order, Sebi said an earlier adjudication order passed in June 2025, which had exonerated Suzlon and its executives, was erroneous and not in the interest of the securities market. The regulator has now invoked its revisionary powers under the Sebi Act to reconsider the matter and impose penalties.

Sebi initiated investigation after it received an anonymous complaint in 2019 alleging irregularities in Suzlon’s dealings with subsidiaries and associates. The regulator later appointed a forensic auditor to examine transactions undertaken by the renewable energy company between FY14 and FY20.

A key transaction under Sebi’s scrutiny is Suzlon’s 2014 sale of its operations and maintenance services (OMS) business to its wholly owned subsidiary, Suzlon Global Services (SGSL), for ₹2,000 crore.

Sebi alleged the business was worth only around ₹77 crore and that the deal enabled the company to book a gain of ₹1,922.9 crore.

The regulator alleged that only ₹700 crore was actually received over FY15 and FY17, and the remaining ₹1,300 crore was shown through circular bank entries routed multiple times between Suzlon and SGSL.
The same assets were later used to generate another accounting gain of ₹829.78 crore, when SGSL shares were transferred to another subsidiary, it said.These transactions helped Suzlon avoid reporting a negative net worth and enabled it to raise capital, Sebi said.

The regulator also alleged that Suzlon failed to properly disclose a contingent liability of about ₹4,050 crore linked to a standby letter of credit issued for loans availed by overseas subsidiary AE Rotor Holding BV.

It said Suzlon incorrectly classified the exposure as an insurance contract instead of a financial guarantee liability under accounting standards.

Burlington Stores BURL 7.76%increase; green up pointing triangle raised its outlook for the year after logging higher profit and sales in its fiscal first quarter, as concerns about inflation and the economy continued driving consumers to seek value.

The off-price retailer on Thursday posted net income of $114.7 million, or $1.79 a share, for its three months ended May 2, compared with $100.8 million, or $1.58 a share, a year earlier.

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New Delhi: The corporate affairs ministry on Friday allowed companies to deploy up to 10% of their annual corporate social responsibility (CSR) spending through zero coupon zero principal instruments issued by not-for-profit organisations listed on recognised social stock exchanges.

Analysts said the move could provide a much-needed boost to social stock exchanges in India, which have struggled to attract sufficient investors. Companies spent ₹34,909 crore on CSR activities in 2023-24, according to the latest official data.

A social stock exchange operates as a dedicated segment of an existing bourse such as BSE or NSE, enabling social enterprises to raise funds through market-linked instruments. Eligible entities include both not-for-profit organisations and for-profit social enterprises.

In a notification, the ministry defined a zero coupon zero principal instrument as a security issued by a not-for-profit organisation registered with a social stock exchange under Securities and Exchange Board of India regulations.

Under the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2026, companies subscribing to such instruments will be exempt from carrying out impact assessments for projects funded through them. The rules came into effect on Friday.

“For years the social stock exchange has had one basic problem, which is that there were never enough buyers. This amendment goes some way to fixing that,” said Manpreet Singh, partner and sustainability practice leader at Grant Thornton Bharat.
The move also changes the conversation in the boardroom, he said. “Until now the question was which NGO to write a cheque to. It now becomes how to build a CSR portfolio that is properly vetted and tracked,” Singh said. For companies, the notification “not only enhances transparency, accountability and impact measurement in CSR initiatives, but also enables more strategic alignment of social investments with ESG and sustainability objectives”, said Sandeepp Jhunjhunwala, partner at Nangia Global Advisors.The move, Jhunjhunwala added, is expected to “encourage companies to participate in outcome-oriented development projects through a regulated and market-linked mechanism”.

The move “helps in furtherance of a transparent and credible mode of funding CSR projects by the companies and enable social enterprises to access a wider pool of capital”, said Anshul Jain, partner-regulatory at PwC India.