If you talk only about grooming better coders and placements then my preferences would be like (I have made the list little larger so that people can have better choices):
- International Institute of Information Technology, Hyderabad – IIIT H ( Best performing college in ACM ICPC — that tells it all )
- Indian Institute of Technology,Kanpur – IIT K
- Indian Institute of Technology,Powai – IIT B
- Indian Institute of Technology,New Delhi – IIT D
- Indian Institute of Technology,Chennai – IIT M (All top 5 are virtually same in every aspects)
- Indian Institute of Information Technology,Allahabad – IIIT A
- Delhi Technological University,New Delhi – DTU
- Birla Institute of Technology and Sciences, Pilani campus – BITS Pilani