hi rachit,
dis is very complex situation as on one side u r getting an iit tag n on other side u r getting a gud branch at dce which may provide better future prospects....for d 3rd one i will say day if u r getting EE at dce ,den dat is anytime better dan uptu colleges..so  leave dat option...nw again if we talk abt MS den i wil say dat if u r really interested in research works den dis is a very suitable field for u as it is purely a research oriented programme otherwise it is not of ur buisness ,,,,n if u r not sure abt ur future den u must go for dis option as u will get an iit tag n iit kanpur is a very reputed iit n will provide u a better placement oppurtunity dan dce ....Regarding ur query abt recruiting companies , if u hav ur MS degree wid u den u will get placed easily in d chemical companies n d list also include ranbaxy,cipla,etc....
nw for further studies i wud suggest dat dis thing totally depends on u either u wanna a mba or wanna become an ias ....i can say only one thing dat u needn't hav to do any mtech as if u hav done ms den it includes d master degree,so mtech is not worth for u....