In the recent past, Microsoft has released seven Lumia handsets, but all of them are either midrange or lower-range handsets. The Lumia 930 is the last flagship from the company that came out last year, in April. Since then people have been waiting to see a new Lumia flagship that can go against recent handsets from other brands.

According to Neowin, in February this year, the Redmond, Washington, company had announced it was working on a flagship smartphone that would feature the Snapdragon 810 chipset. Ajey Mehta, who pioneers mobile devices for Microsoft in India, says Microsoft plans to roll out a premium edition Lumia smartphone later this year powered with Windows 10 Mobile OS, reports the Wall Street Journal.

Mehta adds that the firm does not want to concentrate only on roll-out low-end devices. He adds that in order to establish a strong consumer brand, the company should roll out a high-end flagship soon that runs on Windows 10 Mobile.

Compared to other international markets, Microsoft is doing great business in India. WM Power User (WMPU) states that Microsoft is investing more in the country. It is in the process of rebranding nearly 9,000 Nokia shops to Microsoft stores throughout India. It also is invested in TV and print advertising to attract more buyers.

The Lumia 940 (code-named Talkman) and the Lumia 940 XL (code-named Cityman) are the rumored flagships that Microsoft may release soon. Both are expected to bring on features like 2K resolution displays and one of them is expected to feature an iris scanner, says WMPU.

Newer code names like Guilin, Honjo, Sanaa and Saimaa has surfaced in the recent past, but no more information is available on the specs of those devices. As of this writing, there is no official confirmation on the name of the next Lumia flagship.

Neowin states that compared to other leading operating system platforms like Android and iOS, Windows Phone accounts for only 3 percent of the global smartphone market share. However, in some markets such as India and the U.K., sales of Microsoft smartphones have grown by 32 percent.