M.S or M.PHIL is only a good thing if u want to join academics ? or is it equally encouraged by corporate sector?

To be honest, it depends. If you are going for research oriented academic career then obviously your best choice is MS then M.Phil. But when its managerial positions then MBA's are preferred. On the other hand, MS is also mostly done in technical fields like web designing or engineering etc.
These things makes really tiny difference as the job description only mentions 'masters' except for obviously management jobs which encourage MBAs to apply.

Source:- Experience :)

I think, after some time spend pursuing one's career, one can get a fairly precise idea of what (if any) further education is required. There comes a point when career advancement decelerates, and one finds that some skill set is required to put it back on its track (this is the answer to the first concern, whether to get further education or not), with that realization, also comes the requirement of what specific set of skills are needed (answering the second concern, of what degree to aim for). So personally, I'd advise anybody with these concerns to get a taste of the industry requirements by getting a job (after getting a bachelors degree, at least) and then try to gauge what is required. This method also guarantees accuracy in those cases where requirements of even a single sector change with time.