There are some reputed institutes from where one can do another graduation degree through correspondence mode and that could be a good idea to go for that for bringinging uniformity in ones academic credentials. But if that is the only consideration and that is not going to add value for changing your job to move to greener pastures or getting a raise in the present employment then this scheme might not give good returns. Still, it is possible to do that in the subject of one's choice and liking.
You have already secured a Masters degree in computer applications and if you enhance your qualification in that niche area that would fetch better results for you for making a good career ahead. Why I am suggesting this is because in today's world the past qualifications and their scores many times does not matter if you have the requisite skills and know-how in the industry as desired by the changing business environment. The area of computer applications is very vast and newer opportunities are arising for professionals. The computer canvas is dotting with artificial intelligence and machine manipulations of high order and systems and applications coding is getting more and more important day by day. In this scenario enhancing one's skills in the newer areas and learning the comparatively newer computer languages like Python would fetch more rewards in coming times. Areas like Data Science, Digital Marketing, SEO aspects, Software development, and web applications etc are also getting the attention of many companies and good job prospects are emerging there for the prospective candidates having acquired various such qualifications in this area.
If going for the second graduation, as proposed by you, is giving you some specific advantage then it is your take to follow that line of thought but I would recommend some short courses related to the futuristic patterns in the IT industry where the real career growth is seen as per the present speculations and forecasts in the industry.
Knowledge is power.