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In order to expand its feature phone market, Finnish handset manufacturer, Nokia Corporation (NOK - Analyst Report) has launched low-cost camera phone, Nokia 108. It is priced at $29 and is available in both single and dualSIM modes with a VGA camera. The new handset is expected to be shipped from the last quarter of 2013.

The ultra-light Nokia 108 comes with an MP3 player, FM radio, flashlight, alarm, 31-day battery backup, Bluetooth and the popular snake game. The handset will initially be available in black, white and red and later the colors yellow and cyan will also be introduced.

Nokia 108 has been introduced to target low-end customers who have never used camera phones. Moreover, the availability of a microSD card allows up to 32GB of storage facility.

The feature phone business is doing quite well in emerging nations like India, with the Asha series being a huge hit. In the recently concluded second quarter of fiscal 2013, Nokia sold 53.7 million feature phones (including 4.3 million Asha full-touch phones). A few days back, the company also launched a high-end feature phone, Nokia 515 at $150.

Recently, Microsoft Corp. (MSFT - Analyst Report) has decided to acquire Nokia Corp’s handset business for $7.2 billion (5.44 billion euros). The deal is expected to close in the first quarter of 2014, subject to approval by Nokia’s shareholders and regulators.

Earlier, Nokia teamed up with Microsoft to offer Windows-based Lumia handsets. However, stiff competition from Google Inc.’s Android-based smartphones and Apple Inc.’s (AAPL - Analyst Report) iPhones has resulted in continuous deterioration of its handset business.

Nokia currently carries a Zacks Rank #3 (Hold).

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