At this budget Acer 5740g-6979 @ 43k is the best buy. Its raw performance is unmatched by any other laptops from other brands even in 50k range. Also coupled with a great battery life (3 Hrs for normal use), light weight (2.78 Kg) and all the necessary features, it is a must have option. Check its review in Anandtech whereit was selected as the best gaming laptop in budget.
My roommate owns this one, actually purchased after my suggestion and I tested it personally.
battery life for gaming is 1.6 Hrs (approx). I tested it with Crisis with all the setting high and 4X antialising. Yet it was giving frame-rate over 30 all the times. For watching movies, battery life is around 2.1 Hrs(approx).
Here goes the config:
Operating System Windows 7 Home Premium 64-bit CPU Type Intel Core i5-430M(2.26GHz) with 2.57 Ghz Turbo Boost
Screen 15.6" (max Res: 1366 X 768)
Memory Size 4GB DDR3 (1066 MHz)
Hard Disk 500GB 5400 rpm SATA
Optical Drive DVD Super Multi Graphics Card ATI Mobility Radeon HD 5650 1 GB GDDR3 DirectX 11
Audio
Card Reader:
True 5.1 Channel Surround Sound Output
3rd Generation Dolby Home Theater Audio Enhancement, featuring Dolby Digital Live, Dolby Pro Logic IIx, Dolby Headphone, Dolby Natural Bass, Dolby Sound Space Expander, Dolby Audio Optimization, Dolby High Frequency Enhancer Technologies
High Definition Audio Support
Built-in Microphone
5 in One Card Reader
Communication Modem, Gigabit LAN and WLAN(b/g/n) Battery Life 3.0 hours Dimensions 15.10" x 9.90" x 1.03" - 1.50" Weight 6.16 lbs.