MIT (Manipal institute of technology) Manipal is an engineering college affiliated to Manipal University. This University has a number of colleges for engineering, medical, MBA and tons of other streams in India and abroad.
Now coming to your question, ‘Which is actually ‘Manipal’? Manipal is the name of place in Udupi district, Karnataka, where Manipal University, MIT Manipal and many other colleges are situated. People studying in MIT, KMC (Kasturba medical college, Manipal) and other Manipal University colleges situated in Manipal normally refer it as ‘maine Manipal se engineering, medical blah blah kia hai (I have done engineering, medical etc from Manipal).
Hope this clears your doubt.