Micromax has rolled out Jelly Bean 4.2 update for their Micromax A116 Canvas HD handset. For this update you need to visit the Micromax Service center.
If you may recall, MMX had given an update for its most popular handset the Micromax A110. Micromax has enabled external storage usage in Jelly Bean 4.2 on the MMX A116 handset. This means that with 4.2 on A116 you will be able to move / install apps on external storage.
Another interesting thing that is enabled is the OTA updates (Over the Air). With OTA Micromax can roll out any further OS version/updates and users can install them directly from their handset. Unfortunately to get the 4.2 on A116, for now, you need to visit the service center. Probably the new A116 stocks might come pre-loaded with 4.2 OS.
I am not sure if MMX will roll out the 4.3 version for A116, but you never know. MMX has changed their FTP user / password and hence we cannot download and install it ourselves, unless someone uploads the official Micromax A116 Android 4.2 on some other server.
Thank you for the tip Amardeep Singh and Shreyas.