Mumbai, April 6 -- Despite rising optimism, Amish Shah, head of India research at BofA Global Research, remains unconvinced by the India outperformance story, expecting the country to lag its emerging-market (EM) peers and cutting his earnings growth estimates for Indian companies for the second time in a row.

In an interview with Mint, he said crude prices have risen and that some energy infrastructure assets in West Asia have been affected by the war. Even if tensions ease, supplies are unlikely to return to pre-war levels soon, keeping prices elevated for longer. This is also expected to affect growth and keep commodity prices, including aluminium and copper, elevated.

Brent crude oil prices have shot up by over 42% since the war bro...