Here are some of the portable MP3 players that you may want to take a look at.
Transcend MP330 This portable player from transcend allows recording, FM radio, mp3 playback. Apart from the mp3 playback it has support for other file formats such as - mp3, mp4, wav formats too. It has 8GB of storage capacity. It has a bit price for all those feature sets.
You'd find the device being charged at - 2,228 Rs. You can get the device at Amazon India.
Generic 4GB MP3 USB Music Player: This is another portable mp3 player from the generic. It has 4GB storage capacity. It has support for FM Radio and support for file format such as - mp4, mp3 and wav files. You can also use the recorder and 8 hours of playback support. The price is also reasonable for the featureset.
You can get the device at Amazon India for 2,005 Rs.
Eclipse T180 This model from the eclipse looks lot like ipod 3rd generation device. It has 4 GB storage space and the touchscreen to navigate through the contents. You also have the support for the FM radio and recording option. It has support for most of the playback formats such as - mp3, mp4 and wav file formats. You can find that the device has 6 hours of the playback support.
It has price of 2,579 Rs on Amazon India.
Philips GoGear Mix: The device looks more or less like a pendrive but it is a mp3 player. It has 4GB of storage capacity. In terms of playback hours, it has 10 hours support which is a lot. You can use it standalone or you can use it with the car or the stereo mp3 player. It supports most of the common formats for the playback - mp3, mp4 and other divx based file formats.
You can get the device at price of 1,881 Rs on Amazon India.
Sonilex MP6 : This mp3 player offers very competitive set of features at extremely low priced. It has 4GB capacity for the current mp3 player set. It supports audio recording and also has support for the FM Radio. It has low warranty around - 6 months. So there is one con of this product.
It is priced at Rs. 329 on Snapdeal.
There are few other low priced options on the snapdeal website. I'd recommend you to check out the official snapdeal and Amazon.