Nokia Corporation (ADR) (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) has just released the Lumia 521, which is a budget handset that’s now available at Wal-Mart Stores, Inc. (NYSE:WMT) and Home Shopping Networks. The handset is available with a $130 price tag, and it’s another important tool Nokia has in its fight to recover mobile market shares.

Lumia 521

The Lumia 521 supports 4G, although not LTE, and it sold out rapidly at Wal-Mart Stores, Inc. (NYSE:WMT) and HSN. T-Mobile USA, Inc. (TMUS) is also offering the device for $30 per month with an unlimited data plan. The monthly installment plans were rolled out earlier this year.

Nokia Corporation (NOK) Shares Rise

As of this writing, shares of Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) were up 3 percent at the New York Stock Exchange. Investors clearly a little more optimistic about the struggling Finnish handset maker’s chances of success are improving, because the company is now targeting a broad consumer base through its low-cost handset.

Nokia and Microsoft Stick Together

It seems clear that Nokia and Microsoft Corporation (NASDAQ:MSFT) are in the fight together as the two companies bond over their push for mobile market share. Microsoft’s smartphone chief Terry Myerson said earlier this year that three of the major carriers in the U.S.—Verizon Communications Inc. (NYSE:VZ), AT&T and T-Mobile—would be carrying Windows phones on all price categories.

Also we’re expecting additional Windows devices to be added to the portfolio. Verizon Communications Inc. (NYSE:VZ) will soon be offering the Lumia 928, and AT&T Inc. (NYSE:T) will support the Lumia EOS. We’re also expecting to see the Lumia Catwalk, which is a metallic version of the 920, and a 5.5-inch Lumia tablet this year.

There’s little doubt that Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) and Microsoft Corporation (NASDAQ:MSFT) will continue to broaden their partnership as they grab for mobile market share and increase their product portfolios together.