20/09/2026
IIM Udaipur was delighted to host Mr. Gaurav Mishra, Head of Equity, Mirae Asset Investment Managers (India), Mr. Neelotpal Sahai, Head of Equities, HSBC Asset Management (India), and Mr. Harshad Patwardhan, Chief Investment Officer, Union Asset Management, for the Antique Equity Research Competition and Panel Discussion. The panel brought together perspectives from leading investment professionals on earnings growth, market dynamics, consumption, and the evolving investment landscape in India.
Mr. Neelotpal Sahai highlighted the return of earnings growth in Indian equities following two years of relatively softer growth. Placing the current outlook in historical context, he discussed the strong post-Covid earnings period and emphasized the importance of considering both earnings growth and valuations when assessing the trajectory of Indian equities.
Mr. Gaurav Mishra described the Indian equity market as being in a healthy phase, supported by a diverse set of participants and continued activity in the capital markets. He highlighted India’s position as a structural growth market, with sustained economic growth supporting corporate revenue and earnings over the long term, while noting that volatility remains an inherent part of equity markets.
Mr. Harshad Patwardhan emphasized on the multiple layers of uncertainty influencing Indian markets, including geopolitics and oil prices, global bond yields, and the evolving implications of artificial intelligence. He discussed the role of domestic investor flows and foreign investor sentiment, noting their significance in shaping the near-term direction of Indian equities.
Moderated by Mr. Ravi Sundar Muthukrishnan, Advisor, Antique Broking Services, the discussion offered students valuable perspectives on India’s evolving equity markets and the factors shaping investment decisions. The panel also emphasized the importance of understanding market cycles and approaching investing with a long-term and probabilistic mindset, providing students with meaningful insights into the world of equity research and investment management.