My friend was a student of MSIT at IIIT Hyderabad. According to him, from a placements point of view, you should rather sit for PGEE conducted by IIIT Hyderabad and take admission into the M.Tech course offered by this institution.
If you wish to land a job at Google, MSIT won’t allow you to sit for its placements. This is because Google doesn't hire MSIT students. Only M.Tech and B.Tech students are allowed to sit for the placements of top brands like Google, Microsoft, Facebook, Adobe, Amazon, Cisco, Walmart, Indeed, Uber, Samsung, etc. More than 150 companies visit the IIIT Hyderabad campus to hire B.Tech and M.Tech students. M.Tech CSE students are placed with an average package of around INR 31 LPA.
MSIT course is like revising the concepts of Computer Science up to your B.Tech level. The only bonus is that you will get to do a project for every programming language. MSIT is useful if you belong to a non CS/IT background in B.Tech as it will allow you to learn Computer Science from basics.
Thus, for good placement offers, go for the M.Tech CSE/ M.Tech Computer Science and Information Security instead of the MSIT program at IIIT Hyderabad.