Shares of Power Finance Corporation (PFC) and REC fell up to 3% on the BSE on Thursday, after domestic brokerage firm Morgan Stanley downgraded the stocks from Overweight to Equal-Weight. The brokerage also cut its target price for PFC to Rs 410 from Rs 510, while its target for REC was lowered to Rs 360 from Rs 430.

PFC and REC’s loan growth has moderated sharply, while system and bank credit to the power sector have accelerated, according to Morgan Stanley.

“The growth disconnect has been much greater than we thought,” the brokerage stated in its note, adding that it sees recovery from the current position to be gradual.

The brokerage also cut its earnings estimates for both companies. For PFC, it lowered the target price by 20% and cut core EPS estimates by 5.5% for FY28E and 7% for FY29E. For REC, it reduced the target price by 16%, while lowering EPS estimates by 5% for FY28E and 7% for FY29E.

The company reported a slight decline in revenue from operations to Rs 28,527 crore in Q1 FY27, from Rs 28,539 crore in the corresponding quarter of the previous financial year.

Also Read | PFC shares tumble 5% to 4-month low after weak Q1 earnings. Why Motilal Oswal still recommends Buy
Along with the Q1 results, PFC announced an interim dividend of Rs 3.90 per share with a face value of Rs 10 each for the ongoing financial year 2027. The record date to determine the eligibility of shareholders set to receive the dividend has been fixed on August 27.REC had reported a dip of over 6% year-on-year in its consolidated net profit at Rs 4,192.76 crore in the June quarter of FY27, citing lower interest income.

Also Read | REC Q1 Results: Net profit dips over 6% to Rs 4,193 crore

PFC-REC Merger

Earlier in July, the boards of Power Finance Corporation (PFC) and REC approved the merger scheme between the two companies, with the share-swap ratio set at 88 PFC shares for every 100 REC shares held. PFC owns a 52.63% stake in REC. The Centre owns 55.99% in PFC but does not directly own a stake in REC.

Also Read | PFC-REC merger: Which stock should you buy before the mega deal creates Rs 11 lakh cr power financing giant

PFC Share Price

Shares of Power Finance Corporation fell 2.7% to Rs 365.80 on the BSE on Thursday. The stock has declined over 11% in the past month and 14% over the last three months. PFC shares are down over 9% so far this year.

REC Share Price

Shares of REC fell 2% to Rs 329.40 on the BSE on Thursday. The shares of the company have declined over 6% in the last six months and have fallen 9% in the year so far.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

HoverAir, the company known for its palm-launched self-flying camera drones, has unveiled its most ambitious product yet: a pocket-sized gimbal camera that can click directly into a drone body and take flight on command. Here are five things to know about the HoverAir Versa as it launches through a crowdfunding campaign that has already drawn significant early backing.

1. It works as both a handheld gimbal camera and a self-flying drone

The Versa is designed around a modular, two-in-one concept. On its own, the device functions as a compact, handheld gimbal camera comparable in form factor to products like DJI’s Osmo Pocket 4 or Insta360’s Luna, featuring a three-axis mechanical gimbal and a built-in rotating screen that turns the camera on when flipped. Attach the included Flight Kit, however, and the same camera module transforms into a fully autonomous flying drone. HoverAir describes the transition simply: “Change from handheld mode to flying in seconds.” The two components connect through the company’s patent-pending MagLatch system, which uses custom pogo pins to deliver power from the handheld unit to the drone’s motors once attached.

2. The complete kit is remarkably lightweight

According to specifications shared by the company, the handheld gimbal camera portion weighs just 163 grams, or roughly 5.75 ounces, while the separate Flight Kit adds only another 67 grams, or about 2.36 ounces. Combined, the full setup weighs approximately 230 grams, or 8.1 ounces, making it light enough for easy everyday carry in a pocket or small bag. In handheld mode, the device measures 36 by 31 by 147 millimeters, extending to 176 by 31 by 147 millimeters once docked into its flying configuration.

3. Camera specs include 4K 60p video and a 3D scene-capture mode

The Versa’s gimbal camera is built around a 1/1.3-inch, 12-megapixel sensor paired with an f/2.0, 16-millimeter lens and 2x digital zoom, capable of recording 4K video at up to 60 frames per second and bitrates as high as 120 Mbps in either H.264 or H.265 format. The sensor captures its full 4:3 area using open-gate recording, which allows footage to be cropped during editing into 1:1, 16:9 or 9:16 aspect ratios without any loss of image quality, a useful feature for creators producing content across multiple social platforms. For more advanced users, the camera also supports 10-bit H-LOG recording at 4K 30p, which HoverAir says can capture up to 17.5 stops of dynamic range. Two built-in microphones handle audio capture. Perhaps the Versa’s most distinctive feature, however, is its 3D Worlds mode, which sends the drone on a precise 360-degree flight pattern around a subject, capturing the images needed to reconstruct an explorable, three-dimensional scene file that users can later share and navigate, a capability neither DJI nor Insta360 currently offers in this category.

4. Flight performance includes hands-free tracking with no controller required

Once docked into its Flight Kit, the Versa can launch directly from the palm of a user’s hand and autonomously follow its subject using HoverAir’s ShadowTrack tracking technology, requiring no dedicated remote controller to operate. The drone can reach top speeds of up to 36 kilometers per hour, or roughly 22 miles per hour, and carries a Level 5 wind resistance rating. According to DroneLife’s reporting on the launch, the Versa’s maximum takeoff altitude reaches 3,500 meters, or about 11,483 feet, while its maximum flight altitude tops out at 120 meters, or roughly 394 feet, with a maximum flight time of 14 minutes per charge. Flight-specific features include Palm Take-off and Landing, AI Tracking, Auto Framing, Orbit, Bird’s Eye and Zoom Out modes, along with an OmniTerrain capability. Users can control the drone through multiple methods, including hand gestures, voice commands via HoverAir’s Smart Mini MiCo controller, a dedicated HoverAir Beacon accessory, a joystick, or the company’s smartphone app. Additional creative shooting modes include Inception Shot, Dolly Zoom, Motion Timelapse and standard Timelapse, alongside the previously mentioned 3D Worlds feature. HoverAir has also designed the drone’s wings to enclose its four propellers, which the company says improves safety when operating around people, pets and crowds.

5. It’s currently available through Indiegogo, with strong early demand and some availability caveats

The Versa launched its crowdfunding campaign on Indiegogo, quickly raising more than $245,000 from backers within its first day, according to Imaging Resource. Pricing has varied slightly across different reports as the campaign has progressed, with some outlets citing a starting price of $449 for the Pocket-Only version and $629 for the FlyMore Combo, which includes the Flight Kit along with an additional battery, charger and protective accessories, while other coverage cited a $499 starting price for the camera alone and $749 for the bundle with the Flight Kit. A higher-tier Creator Combo, priced at $799, adds ND filters, a case, a suction cup mount and a compact tripod. Some of the lowest introductory pricing was reportedly available only during the first 48 hours of the campaign. Deliveries are estimated to begin in October 2026, though as with any crowdfunded project, that timeline is not guaranteed. One notable availability concern flagged by DroneDJ involves U.S. regulatory approval: in late 2025, the Federal Communications Commission stopped granting new equipment authorizations for many newly introduced foreign-made drones, a policy shift that has already affected HoverAir’s waterproof Aqua drone, which despite a successful crowdfunding campaign has yet to reach U.S. customers because it never secured FCC approval before the rules changed. According to DroneDJ’s reporting, the Versa appears to be in a stronger regulatory position than the Aqua, though prospective U.S. buyers may still want to monitor the situation closely before committing to a purchase.

HoverAir has built its reputation on autonomous, controller-free flying cameras, beginning with its original X1 series and continuing through the more advanced X1 Pro and X1 Pro Max models, as well as its waterborne Aqua drone. The Versa marks the company’s first attempt at combining that autonomous flight technology directly with a standalone, content-creator-focused pocket camera, positioning the product to compete not only with dedicated drone makers but also with established handheld gimbal camera brands such as DJI and Insta360, the latter of which is reportedly developing its own version of a pocket-camera-turned-drone through a separate patent filing. Whether the Versa’s combination of portability, hands-free flight and its distinctive 3D-capture feature proves compelling enough to stand out against those more established competitors will likely become clearer once the product ships and independent reviewers are able to test its camera performance directly.

Chief executive Régis Shultz’s growth plan under renewed pressure from investors

JD Sports has cut its profit forecast and reported sluggish sales growth, as the expansion strategy spearheaded by chief executive Régis Shultz begins to falter.

The sports and fashion retailer saw its sales performance pick up in the UK, but a deterioration in the US market coupled with aggressive discounting from competitors is weighing heavily on the firm’s bottom line, it said on Thursday.

The FTSE 100 giant scaled back its pre-tax profit target to between £700m and £800m, retreating from a previous upper limit of £850m.

The profit setback arrives as Shultz struggles to restore the faith of JD Sports’s shareholders, who are growing increasingly restless over the group’s lacklustre share price and the absence of tangible results from the chief executive’s strategic vision.

Shultz acknowledged that “trading in the second quarter remained tough,” adding that the retailer is contending with heightened competition as rivals resort to promotional activity to attract hard-pressed consumers, as reported by City AM.

“The market stayed highly promotional, reflecting the consumer and footwear product cycle headwinds our industry has faced in recent quarters, whilst our core consumer was impacted by incremental cost-of-living pressures,” he said.

The group’s like-for-like sales fell by 3.1 per cent in the second quarter – nearly double the 1.7 per cent decline projected by Berenberg – and by 2.8 per cent across the six months to August.

JD Sports attributed a modest recovery in its UK trading – where sales edged up by 0.8 per cent – to robust demand for replica football kits and its outdoor range. However, revenues in the US, which represents 35 per cent of the group’s total sales, tumbled by 6.8 per cent.

The retailer attributed the decline to “weaker core consumer sentiment amidst the broader cost-of-living backdrop”.

The group noted that the ‘back-to-school’ period would typically provide a boost to its US sales at the end of July, but this falls in the first half of August this year.

Sales rose by 1.4 per cent across Asia Pacific, although this market accounts for just five per cent of the group’s overall revenues.

Accounting for the reduction in profit targets, JD Sports stated that the “period of muted market growth” it had anticipated in May has turned out to be “more acute than expected,” particularly across the Atlantic.

The business remains on course to deliver free cash flow of £460m to £520m despite the downward revision to profit forecasts.

Since taking the helm at JD Sports in 2022, Shultz has struggled to recreate the covid-era athleisure surge as the cost-of-living crisis weighs heavily on its predominantly younger customer base.

In April, group chair Andy Higginson stepped down after failing to persuade board members to remove Shultz from his position. He has since been succeeded by former Ikea chief executive Peter Agnefjall.

Shares in JD Sports have climbed nine per cent so far this year, yet remain approximately 15 per cent below the level at which they stood when Shultz assumed control.

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