I really do not think that certification would help you in fetching a job (assuming you are in India), though you might be more confident while facing questions in interview.
If some company hires a fresh graduate or a fresh post graduate then it doesn't expect java , rather they ask something very generic like datastructures , some simple algorithms ,they will check your analytical and communication skills and lots of questions from project that you have done at your university.
I would not discourage to give this exam , its good to have anyways.

[ July 27, 2007: Message edited by: Rahul Bhattacharjee ]