It seems that Xolo is working on a powerful phone which we might see very soon, the XOLO Q1000 was recently listed on an online shopping site with Coming Soon tag.
As per the listing this phone comes with a 1.2GHz quad-core processor, PowerVR SGX544 GPU along with 1GB of RAM. Its an dual SIM phone, has 5 inch HD IPS with screen resolution of 1280×720 pixels. At back it has an 8 MP camera with 1.2 camera in front.
It runs on Android 4.2 Jelly Bean, it has internal memory of 4 GB which can be expandable with micro SD card. For connectivity it has 3G, Wi-Fi, Bluetooth and microUSB ports, it also has 2100 mAh battery.
There is no price tag available on page but as per specs it seems to be an mid-range Android phone and could be priced between Rs. 12K to Rs. 15K INR