Hi sateesh611,
To start, a 580 is a solid initial CAT score (the average score on the Official GMAT hovers around 540-550 most years). In addition, you clearly 'rushed' through both the Quant and Verbal sections, so it stands to reason that if you had slowed down, taken more notes, etc., then you probably would have scored higher. Your practice CATs (and the Official GMAT) have a 'countdown clock' in the corner for you to use as reference so you'll always know how much time you have left. With the proper training, you should be able to better pace yourself through each section. You've given yourself plenty of time to study - which is good. Now we just have to determine how you should approach this whole process.
Before I can offer you the specific advice that you’re looking for, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) Are you just beginning your studies (or if you've been studying for some time, how long have you been studying?)?
2) What study materials have you used so far?
3) Did you take the FULL CAT (with the Essay and IR sections)?
Goals:
4) When are you planning to apply to Business School?
5) What Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich