Indigenous Mobile brand Micromax has again hit the mobile market news with a rumor that states that the company might be working on an Octa-Core Smartphone, dubbed Micromax Canvas A240 (Assume Micromax Canvas 5 as of now). This news provided by MMX Newscaster, a reputed source for Micromax leaks has taken the technology sector in India by storm. Fresh from the success of Micromax Canvas 4, Micromax has certainly pulled a rabbit from the hat with this rumor. It was expected that Canvas 4 might be powered by an octa core processor but that expectation was shattered after Canvas 4 was officially revealed. However, now Micromax may have realized to fulfill the dream of a budget device that would be driven by an Octa core chipset. This rumor stands a firm ground mainly due to MediaTek future plans for introducing new Octa core chipsets like MT6592 and the MT629X, which will support built-in LTE. MediaTek will deliver its first set of Octa core processors to its clients by the end of this month. This chipset has delivered tremendous performance according to AnTuTu benchmark and has risen above Qualcomm’s Snapdragon 800, Snapdragon 600 and Exynos 5 Octa. Though there is no official word about the specification but it is supposed that the Canvas A240 will sport a 5 inch full HD display along with a 13 MP rear camera. Meanwhile Sony may unveil its new Smartphone Xperia Z Ultra next month. Speculation about Apple IPhone 5S are also heating up the market. Hence if this MIcromax’s rumored device goes on floors in the same time frame, we will surely witness a tech war between a domestic budget phone manufacturer and its high end foreign rivals.