As you said, Micromax is in business of low cost phones..i don't see them building a high end phone. Also they are eating Nokia's share of low cost phone market.
This particular phone advertised is worth 18.7k something and has a Tegra2 1GHz Dual Core processor. From what angle is this not high end ?
And no way are micromax even getting close to eating Nokia's share of low cost phone market. The only place micromax shines is in under 1.5k segment and perhaps the under 2.5k QWERTY segment. Anything above that and you have proven phones from nokia like C1-02, C1-01, C2-00, X1-00, etc which are preferred over micromax for their reliability and their more feature rich S40 operating system.
As to what I said about brand image, wait and see how many people willingly pick up this micromax "superfone". I agree it has great hardware, but with LG Optimus 2x in the same price range....