Hi VinayGanagi,
First off, 740 on an official practice test is awesome! Great work. That being said, to improve your score, you need to go through GMAT quant and verbal carefully to find your exact weaknesses, fill gaps in your knowledge, and strengthen your skills. The overall process will be to learn all about how to answer question types with which you currently aren't very comfortable and do dozens of practice questions category by category, basically driving up your score point by point. When you do dozens of questions of the same type one after the other, you learn just what it takes to get questions of that type correct consistently. If you aren't getting close to 90 percent of questions of a certain type correct, go back and seek to better understand how that type of question works, and then do more questions of that type until you get to at least around 90 percent accuracy in your training. If you get 100 percent of some sets correct, even better.
For example, if you find that you are not strong in answering Number Properties questions, carefully review the conceptual underpinnings of how to answer Number Properties questions and practice by answering 50 or more questions just from Number Properties: LCM, GCF, units digit patterns, divisibility, remainders, etc. As you practice, do a thorough analysis of each question that you don't get right. If you got a remainder question wrong, ask yourself why. Did you make a careless mistake? Did you not properly apply the remainder formula? Was there a concept you did not understand in the question? By carefully analyzing your mistakes, you will be able to efficiently fix your weaknesses and in turn improve your GMAT quant skills. Number Properties is just one example; follow this process for all quant topics.
Each time you strengthen your understanding of a topic and your skill in answering questions of a particular type, you increase your odds of hitting your score goal. You know that there are types of questions that you are happy to see and types that you would rather not see, and types of questions that you take a long time to answer correctly. Learn to more effectively answer the types of questions that you would rather not see, and make them into your favorite types. Learn to correctly answer in two minutes or less questions that you currently take five minutes to answer. By finding, say, a dozen weaker quant areas and turning them into strong areas, you will make great progress toward hitting your quant score goal. If a dozen areas turn out not to be enough, strengthen some more areas. By using the above process, you should be able to score at least 2 to 3 points higher in quant.
Verbal is a different animal, and GMAT verbal is trickier than many people think it is (your hit-or-miss results in SC are one sign of this trickiness). To consistently score above the mid-30s in verbal, you have to more clearly see the tricks and trap answers in the questions, and learning to see those things takes more than quickly learning a few strategies or patterns. You will have to do a lot of slow, careful practice in verbal, and learn to carefully define EXACTLY why each wrong answer is wrong and each correct answer is correct.
As you go through verbal questions, do a thorough analysis of EVERY choice in every question that you answer. Learn to see the logic, the key details, and the traps in the questions. Also, if you miss a question, ask yourself why. Did you make a careless mistake? Did you not recognize what the question was asking? Did you skip over a key detail in an answer choice? Getting GMAT verbal questions right is a matter of what you know, what you see, and what you do. So, any time that you don't get one right, you can seek to identify what, if anything, you would have needed to know in order to get the right answer, what you had to see that you didn't see, and what you could have done differently to arrive at the correct answer.
So, for both quant and verbal, work on accuracy and generally finding correct answers, work on specific weaker areas one by one to make them strong areas, and when you take a practice GMAT or the real thing, take all the time per question available to do your absolute best to get right answers consistently. The GMAT is essentially a game of seeing how many right answers you can get in the time allotted. Approach the test with that conception in mind, and focus intently on the question in front of you with one goal in mind: getting a CORRECT answer.
You also may find it helpful to read my article for more information regarding
how to score a 700+ on the GMAT.
Good luck!