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Hi Deepak,
It is possible to pursue 2 courses together, however one has to decide which course to pursue as a regular mode of learning and which from distance / correspondence.
There is difference in Correspondence and Regular course, i would say it varies from one subject to the other also from one degree to the other. However in general a course through distance learning does not have as much value as the regular one so if you can do a regular course, it would hold a lot of importance and thus be a much better option. The acceptability and recognition of a full time course is higher in industry and the long term career gains are good. Correspondence courses are ideally meant for those who are working and cannot leave their jobs to further their education. It is only to leverage ones experience and not so much as a stand alone degree. The employ-ability of a full time degree holder is the most and those with a distance education degree may face a drawback as far as employment options with MNCs are concerned. However, what is also relevant is your experience; skills and profile should match the profile needed for the job and organization. Thus it would be best for you to pursue a full time course.
Hope this information helps. Please feel free to revert.
Wish you luck.