Exhibit VIII: Weekly Closing Value of NSE and Shares Prices of Mahindra Satyam and Tech Mahindra from

S.No. Date NSE MahSat TechMah Msat return

1 4/1/2009 3,211.05 40.00 281.00

2 4/6/2009 3,342.05 47.30 318.00 18%
3 4/13/2009 3,384.40 45.85 332.70 -3%
4 4/20/2009 3,480.75 46.95 343.50 2%
5 4/27/2009 3,473.95 46.65 325.90 -1%
6 5/4/2009 3,620.70 45.30 351.00 -3%
7 5/11/2009 3,671.65 44.85 362.00 -1%
8 5/18/2009 4,238.50 53.55 475.85 19%
9 5/25/2009 4,448.95 53.50 475.00 0%
10 6/1/2009 4,586.90 66.80 635.00 25%
11 6/8/2009 4,583.40 79.90 717.25 20%
12 6/15/2009 4,313.60 77.40 760.25 -3%
13 6/22/2009 4,375.50 72.75 737.05 -6%
14 6/29/2009 4,424.25 77.45 749.00 6%
15 7/6/2009 4,003.90 73.85 643.10 -5%
16 7/13/2009 4,374.95 90.00 742.00 22%
17 7/20/2009 4,568.55 104.75 793.60 16%
18 7/27/2009 4,636.45 104.35 846.15 0%
19 8/3/2009 4,481.40 102.80 762.60 -1%
20 8/10/2009 4,580.05 103.30 843.30 0%
21 8/17/2009 4,732.35 112.90 915.00 9%
22 8/24/2009 4,642.80 101.20 840.00 -10%
23 8/31/2009 4,680.40 119.80 949.90 18%
24 9/7/2009 4,829.55 119.50 884.50 0%
25 9/14/2009 4,976.05 119.85 901.00 0%
26 9/22/2009 4,958.95 120.10 932.10 0%
27 9/29/2009 5,083.40 117.60 943.40 -2%
28 10/5/2009 4,945.20 107.50 919.05 -9%
29 10/12/2009 5,142.15 115.00 949.00 7%
30 10/20/2009 4,997.05 110.50 939.20 -4%
31 10/26/2009 4,711.70 101.95 935.00 -8%
32 11/3/2009 4,796.15 103.90 934.20 2%
33 11/9/2009 4,998.95 110.15 1,003.60 6%
34 11/16/2009 5,052.45 104.50 981.20 -5%
35 11/23/2009 4,941.75 89.75 914.65 -14%
36 11/30/2009 5,108.90 98.00 966.95 9%
37 12/7/2009 5,117.30 106.45 1,000.10 9%
38 12/14/2009 4,987.70 96.45 988.10 -9%
39 12/21/2009 5,178.40 98.95 1,000.05 3%
40 12/29/2009 5,201.05 98.20 988.15 -1%
41 1/4/2010 5,244.75 112.85 1,047.25 15%
42 1/11/2010 5,252.20 116.75 1,139.20 3%
43 1/18/2010 4,826.85 98.10 938.00 -16%
44 1/25/2010 5,007.90 104.40 1,050.00 6%
45 2/1/2010 4,899.70 101.90 972.50 -2%
46 2/8/2010 4,760.40 97.55 945.00 -4%
47 2/15/2010 4,844.90 99.90 937.00 2%
48 2/22/2010 4,922.30 95.40 889.25 -5%
49 3/2/2010 5,088.70 100.25 929.00 5%
50 3/8/2010 5,137.00 98.55 907.45 -2%
51 3/15/2010 5,262.00 96.75 907.00 -2%
52 3/22/2010 5,282.00 94.05 907.10 -3%
53 4/29/2010 5,290.50 93.40 859.15 -1%
54 4/5/2010 5,361.75 94.70 850.05 1%
55 4/12/2010 5,262.60 93.50 837.20 -1%
56 4/19/2010 5,304.10 92.55 822.00 -1%
57 4/26/2010 5,278.00 95.35 774.00 3%
58 5/3/2010 5,018.05 88.30 713.45 -7%
59 5/10/2010 5,093.50 88.00 712.00 0%
60 5/17/2010 4,931.15 81.65 652.00 -7%
61 5/24/2010 5,066.55 87.20 641.05 7%
62 5/31/2010 5,135.50 88.95 706.00 2%
63 6/7/2010 5,119.35 86.05 727.05 -3%
64 6/14/2010 5,262.60 86.05 731.05 0%
65 6/21/2010 5,269.05 91.05 736.15 6%
66 6/28/2010 5,237.10 90.80 732.25 0%
67 7/5/2010 5,352.45 90.90 774.60 0%
68 7/12/2010 5,393.90 89.40 769.00 -2%
69 7/19/2010 5,449.10 91.20 745.00 2%
70 7/26/2010 5,367.60 86.45 700.00 -5%
71 8/2/2010 5,439.25 86.55 720.20 0%
72 8/9/2010 5,452.10 85.85 710.00 -1%
73 8/16/2010 5,530.65 84.40 709.90 -2%
74 8/23/2010 5,408.70 80.20 654.50 -5%
75 8/30/2010 5,479.40 91.80 699.55 14%
76 9/6/2010 5,640.05 91.70 711.00 0%
77 9/13/2010 5,884.95 92.00 720.00 0%
78 9/20/2010 6,018.30 100.30 774.70 9%
79 9/27/2010 6,143.40 91.40 766.50 -9%
80 10/4/2010 6,103.45 84.20 766.30 -8%
81 10/11/2010 6,062.65 83.90 750.50 0%
82 10/18/2010 6,066.05 80.95 758.35 -4%
83 10/25/2010 6,017.70 78.85 726.35 -3%
84 11/1/2010 6,312.45 83.60 749.85 6%
85 11/8/2010 6,071.65 86.30 730.00 3%
 86 11/15/2010 5,890.30 69.65 675.00 -19%
87 11/22/2010 5,751.95 61.90 621.00 -11%
88 11/29/2010 5,992.80 64.10 665.35 4%
89 12/6/2010 5,857.35 60.05 638.55 -6%
90 12/13/2010 5,948.75 63.95 670.50 6%
91 12/20/2010 6,011.60 66.70 693.95 4%
92 12/27/2010 6,134.50 66.00 702.70 -1%
93 1/3/2011 5,904.60 69.90 705.00 6%
94 1/10/2011 5,654.55 65.60 677.00 -6%
95 1/17/2011 5,696.50 66.15 689.20 1%
96 1/24/2011 5,512.15 62.25 653.05 -6%
97 1/31/2011 5,395.75 60.00 626.75 -4%
98 2/7/2011 5,310.00 57.75 570.00 -4%
99 2/14/2011 5,458.95 61.95 663.00 7%
100 2/21/2011 5,303.55 62.40 642.50 1%
101 2/28/2011 5,538.75 63.60 685.10 2%
102 3/7/2011 5,445.45 66.70 730.10 5%
103 3/14/2011 5,373.70 67.15 710.05 1%
104 3/21/2011 5,654.25 67.10 734.10 0%
105 3/28/2011 5,826.05 66.35 692.00 -1%
106 4/4/2011 5,842.00 77.20 739.00 16%
107 4/11/2011 5,824.55 77.65 731.60 1%
108 4/18/2011 5,884.70 73.80 719.90 -5%
109 4/25/2011 5,749.50 75.70 686.00 3%
110 5/2/2011 5,551.45 71.05 668.00 -6%
111 5/9/2011 5,544.75 75.85 674.00 7%
112 5/16/2011 5,486.35 76.95 644.80 1%
113 5/23/2011 5,476.10 78.15 662.30 2%
114 5/30/2011 5,516.75 89.40 687.00 14%
115 6/6/2011 5,485.80 84.70 698.00 -5%
116 6/13/2011 5,366.40 83.00 686.00 -2%
117 6/20/2011 5,471.25 83.65 693.00 1%
118 6/27/2011 5,627.20 84.50 715.90 1%
119 7/4/2011 5,660.65 88.95 733.45 5%
120 7/11/2011 5,581.10 86.00 744.15 -3%
121 7/18/2011 5,633.95 87.15 749.90 1%
122 7/25/2011 5,482.00 84.35 774.10 -3%
123 8/1/2011 5,211.25 74.30 731.00 -12%
124 8/8/2011 5,072.95 73.80 738.40 -1%
125 8/16/2011 4,845.65 67.25 631.00 -9%
126 8/22/2011 4,747.80 63.65 608.50 -5%
127 8/29/2011 5,040.00 65.95 632.50 4%
128 9/5/2011 5,059.45 69.35 658.10 5%
129 9/12/2011 5,084.25 71.00 653.00 2%
130 9/19/2011 4,867.75 70.55 625.10 -1%
131 9/26/2011 4,943.25 70.40 572.00 0%
132 10/3/2011 4,888.05 67.70 564.95 -4%
m and Tech Mahindra from April 2009 to October 2011

market return TechM

Return

4% 13% SUMMARY OUTPUT

1% 5%
3% 3% Regression Statistics
0% -5% Multiple R 0.57271836
4% 8% R Square 0.32800632
1% 3% Adjusted R Sq 0.322797067
15% 31% Standard Error 0.06040683
5% 0% Observations 131
3% 34%
0% 13% ANOVA
-6% 6% df SS
1% -3% Regression 1 0.2297623273
1% 2% Residual 129 0.4707190761
-10% -14% Total 130 0.7004814034
9% 15%
4% 7% Coefficients Standard Error
1% 7% Intercept 0.001722662 0.0053135957
-3% -10% X Variable 1 1.316365435 0.1658911063
2% 11%
3% 9%
-2% -8% SUMMARY OUTPUT
1% 13%
3% -7% Regression Statistics
3% 2% Multiple R 0.655894139
0% 3% R Square 0.430197122
3% 1% Adjusted R Sq 0.425780045
-3% -3% Standard Error 0.053473546
4% 3% Observations 131
-3% -1%
-6% 0% ANOVA
2% 0% df SS
4% 7% Regression 1 0.2784906049
1% -2% Residual 129 0.3688652016
-2% -7% Total 130 0.6473558065
3% 6%
0% 3% Coefficients Standard Error
-3% -1% Intercept 0.002305284 0.0047037199
4% 1% X Variable 1 1.449246744 0.1468507088
0% -1%
 1% 6%
0% 9%
-8% -18%
4% 12%
-2% -7%
-3% -3%
2% -1%
2% -5%
3% 4%
1% -2%
2% 0%
0% 0%
0% -5%
1% -1%
-2% -2%
1% -2%
0% -6%
-5% -8%
2% 0%
-3% -8%
3% -2%
1% 10%
0% 3%
3% 1%
0% 1%
-1% -1%
2% 6%
1% -1%
1% -3%
-1% -6%
1% 3%
0% -1%
1% 0%
-2% -8%
1% 7%
3% 2%
4% 1%
2% 8%
2% -1%
-1% 0%
-1% -2%
0% 1%
-1% -4%
5% 3%
-4% -3%
-3% -8%
-2% -8%
4% 7%
-2% -4%
2% 5%
1% 3%
2% 1%
-4% 0%
-4% -4%
1% 2%
-3% -5%
-2% -4%
-2% -9%
3% 16%
-3% -3%
4% 7%
-2% 7%
-1% -3%
5% 3%
3% -6%
0% 7%
0% -1%
1% -2%
-2% -5%
-3% -3%
0% 1%
-1% -4%
0% 3%
1% 4%
-1% 2%
-2% -2%
2% 1%
3% 3%
1% 2%
-1% 1%
1% 1%
-3% 3%
-5% -6%
-3% 1%
-4% -15%
-2% -4%
6% 4%
0% 4%
0% -1%
-4% -4%
 2% -8%
-1% -1%
NSE Variance 0.0010199586
Msat variance 0.0053883185
TechM Variance 0.0049796601

COV of NSE & Msat 0.0013426382

Cov of NSE & Tech m 0.0014781716
Beta of Msat 1.3163654347
Beta of Tech M 1.4492467444

MS F Significance F
0.2297623273 62.9660910952 8.838291E-013
0.0036489851

t Stat P-value Lower 95% Upper 95%Lower 95.0%

0.3241989319 0.7463125057 -0.0087904172 0.01223574 -0.00879
7.9351175855 8.8382906139E-013 0.988145818 1.64458505 0.988146

MS F Significance F
0.2784906049 97.3940829167 1.857471E-017
0.0028594202

t Stat P-value Lower 95% Upper 95%Lower 95.0%

0.4900981324 0.6248969631 -0.0070011407 0.01161171 -0.007001
9.8688440517 1.8574707594E-017 1.1586990203 1.73979447 1.158699
Upper 95.0%
0.012236
1.644585

Upper 95.0%
0.011612
1.739794
 Tech Mahindra
2011.00 2012.00
Income from operations 49655.00 55613.60
other income
49655.00 55613.60
OP Expenses 17796.35
Personal Exp 27806.80
Dep 1362.53
EBIT 8647.91
Tax @22% 1902.54
EBIT (1-Tax) 6745.37
Cap Ex 2056.00
EBIT (1-Tax) + Dep 8107.91
Working Cap 13120.00 8342.04
Change in Wc -4777.96
FCF 10829.87
1.00
PV of FCF @ WACC(16.865%) 9266.96
Total FCF-PV 23312.00
Terminal Value
PV of terminal value 53691.83
Total PV 77003.83
No of shares 127.12
Value of each share 605.77
Tech Mahindra
2013.00 2014.00 2015.00
62287.23 69761.70 78133.10

62287.23 69761.70 78133.10 Rf

19931.91 22323.74 25002.59 Rm-Rf
31143.62 34880.85 39066.55 Beta
1526.04 1709.16 1914.26 Re
9685.66 10847.94 12149.70
2130.85 2386.55 2672.93 Unsecured loan
7554.82 8461.40 9476.76 Int paid
1600.00 1239.50 1914.26 Rd1
9080.86 10170.56 11391.03 Rd2
9343.08 10464.25 11719.97 Rd
1001.04 1121.17 1255.71
6479.81 7809.89 8221.05 MV of equity
2.00 3.00 4.00 Debenture @10.25%
4744.50 4893.13 4407.41 Unsecured loan @5.37%
Total Debt
100150.30 E+D
WACC

g
FCF(2015)
Re
Terminal Value
 0.085
0.07
1.449247
0.1864

6227
335
0.053798
0.1025
0.1563

74249.7
6000
6227
12227
86476.7
0.16865

0.08
8221.05
0.186
100150
 SATYAM
2011.00 2012.00 2013.00
Income from operations 47761.00 53492.32 60981.24
other income
47761.00 53492.32 60981.24
OP Expenses 10084.00 10436.94 10802.23
Personal Exp 32920.00 37858.00 40508.06
Dep 1872.23 2134.34
EBIT 3325.15 7536.61
Tax @18% 598.53 1356.59
EBIT (1-Tax) 2726.62 6180.02
Cap Ex 3500.00 3500.00
EBIT (1-Tax) + Dep 4598.85 8314.36
Working Cap 20090.00 20327.08 21343.44
Change in Wc 237.08 1016.35
FCF 861.77 3798.01
1.00 2.00
PV of FCF @ WACC(17.651%) 732.48 2743.88
Total FCF-PV 17522.50
Terminal Value
PV of terminal value 95693.02
Total PV 113215.52
less debt 315
less tax dispute 27
112873.52
No of shares 1176.74

Value of each share 95.92

SATYAM
2014.00 2015.00
70738.24 83471.13

70738.24 83471.13 Rf 0.085

11180.31 11571.62 Rm-Rf 0.07
43343.62 46377.68 Beta 1.31637
2475.84 2921.49 Re 0.1771
13738.47 22600.34
2472.92 4068.06 Secured loan 315
11265.55 18532.28 Int paid 47
3500.00 3500.00
13741.38 21453.77
22636.24 24206.63 Rd 0.1492
1292.80 1570.39
8948.58 16383.38 MV of equity 87255.3
3.00 4.00
5495.01 8551.12
Total Debt 315
183341.51 E+D 87570.27
WACC 0.17651

g 0.08
FCF(2015) 16383.38
Re 0.177146
Terminal Value 183342