Both BMS from Shaheed Sukhdev College and IPS from IIM Indore, have their advantages. I can give you some insight regarding the institute as I have friends from both of them. 

• BMS from Shaheed Sukhdev College offers better education and ROI. According to recent placement highlights the average CTC offered by Shaheed Sukhdev College was 9 LPA. 
• When it comes to IPM from IIM Indore, it is better in terms of infrastructure. 

Go for a BMS from Shaheed Sukhdev College, if you are confident that you can clear CAT and convert a call into the Old IIMs. If you are not certain then choosing IPM from IIM Indore is the safe option. You will receive the IIM tag along with your degree. Which offers certain advantages.