Having friends in both the institutes, I would suggest, between IMT Hyderabad and LBSIM, go for IMT Hyderabad, one of the most promising B-schools in the country. LBSIM is a 20-year-old institute.

• IMT recently received the "best Emerging B-school in Asia". It also received an award from ASSOCHAM for “best upcoming B-school in South India”.
• It has an excellent and reputed industry interface in India. They have a campus of 30 acres, a high-rated infrastructure, hostel, playgrounds, and many other facilities with decent placement.
• IMT has 37 faculty members while LBSIM has 30.

You can go for any of these institutes, but it is suggested you opt for IMT Hyderabad, due to their availability of modern facilities and enough industrial exposure.