Thanks to all for your replies. I downloaded another ROM from needrom.com, extracted with 7 zip and flashed. Finally the phone has booted up completely, but the problem now is that it doesn't receive network. I have tried everything I could, yet no network. Hovatek please help.
I also observed that system. IMG file in the stock ROM of Opsson S7 uploaded by Hovatek is corrupted. Please look into my issue. Thanks