Yes, It is possible to pursue tow academic programs and even more at a time from different universities, only under the following conditions.
1. Only one program can be pursued as a full-time program from the University.
2. Other academic programs (may be of Higher or same level) can be pursued either in the distance mode or part-time from the same university or different university.
You can't pursue more than one academic program as a full-time program by any chance. Such claims sometime may cause both the academic qualifications to be considered as "Fake" or "Invalid".
and It is really a good idea to pursue more than one academic program (one in regular or full time mode, other in distance or part-time mode) as It will add more qualifications and also elevate the chances of good Employment and also a perfect combination (M.Tech + MBA or M.Sc + MBA or Masters+PG Diploma etc.)which is in line with one's career pursuits will help them have a promising career in the long run.
Also while selecting the courses to pursue in distance mode, please make sure that the University offering the courses is recognized both by UGC (University Grants Commission) and DEC (Distance Education Council) with out which the Degrees/Diplomas/Courses pursued from such Universities can't be considered as 'Valid".
Please also keep in mind that "While it is established that the courses pursued in distance mode should be considered at par with those pursued in Regular mode, Some companies specifically mention that Only Regular courses will be considered and not those pursued in distance mode. So, Please prefer pursuing courses in part-time mode than in distance mode.