i want to know that how will the second round counselling take place(of IIT)......and wat r my chances with rank 7430...???

please answer even if u know the first part of the question

The second round will start after July 12th. by the time they will have confirmation of students who are accepting first allotment.

The second allotment will be published at www.jee.iitm.ac.in on 16th of July for all those who has paid the fees as per the first allotment and opted for second round. Those who gets the second allotment should do the registartion at the new IIT where one gets allotment.

With your rank the chances are less but may get some branches in ITBHU or ISM. But there are other institutes like IISCR , RJIPT and IIMU

where they give admission based on IIT ranks . You will surly get there.