Is there is equal value in doing an MTECH from IIT Bombay in comparison to doing a BTECH from IIT Bombay?

I am an IITB undergraduate and in the 2 years of stay I have observed the following –

1. UGs don’t respect the M.Techs and fondly call them “Matka” (clever wordplay). This is primarily because the UGs feel that they have put in the effort of clearing JEE which makes them “worthy” to flaunt the IIT tag while the M.Tech. junta clearly didn’t clear the JEE (most of them).
2. Clearing the JEE does ensure that the lot is smart and educated with a flair in excelling in general. But, there are M.Techs who work hard on their projects, have great practical knowledge of their stream and basically know their stuff.

So on the outside it does seem that being a B.Tech. is better as they have the onus of clearing JEE and are proud of that. It’s obvious, if the M.Techs could clear JEE they might as well have done their UG from IITB.