Meaning

O Lord,

Please preserve my Teacher and Me,

 My we both be served,

May we both be equal in power and potency,

May our gained wisdom/knowledge attain power;

There may never be hatred between us.
Meaning of the Terms :
 
ॐ =the holy name/ symbol of Lord;
नौ =We both ( Master and pupil) ;
सह = Together ;
भुनक्तु = attain  ; सह =Together ;
वीर्यं = Potency, power ;
करवावहै = attain ;
नौ = We both;
अवधीतम् =learned subject, gained wisdom ;
तेजस्वि =Powerful ; अस्तु =May ;
मा विद्विषावहै = May (We Both) never hate each other.