I know this is a bit annoying, but I found yet another laptop that retails here which I believe smashes any of the previous ones I mentioned.
Aspire TimelineX 4820TG (1GB Dedicated Graphics) = Rs. 48,924 + Taxes (that's juuuust within my budget)
Specifications:
Dimensions (WxHxD): 342 x 25.4 x 245 mm
Weight: 2.2 Kg
Processor: Intel Core i5-430M, 2.26 GHz
Memory: 4 GB DDR3
Hard disk: 500 GB
Graphics: ATI Radeon HD 5650 (1 GB) (this one sold me totally)
Screen size: 14-inch
Connectivity: Gigabit Ethernet and Wi-Fi N
Great GPU, switchable graphics, core i5-430m and the best part is, same price as the Lenovo with the 240m.
I guess it will be my final choice unless I'm able to encounter something even more spectacular within the next 2-3 days.