I couldn't be a happier person.
I got a letter today offering admission to an MSc program at IISc (indian institute of science) in the Electrical department, systems and signal processing.
I may also be able to take up the direct Ph.D program instead of MSc. But it is not yet confirmed and is being processed. It has a good probability that it will happen. I am praying it will happen.
Another update on my current status: All my 8th (last) semester undergrad formalities (exams, etc) are completed (finally!) Only the results/report cards are being awaited now.
Another thing that prevents me from being totally happy is that the admission to M.Sc/Ph.D is going to be provisional until I get the report cards saying I passed my under-grad, before a certain deadline.
Although the probability is low that I fail to pass my under-grad, I still cannot rest happy until everything is all confirmed.