yes both momenta will be conserved.
note that proving that initial energy = final energy MAY be enough, provided you get enough equations for the number of unknowns.
if u find that equations are lacking, i suggest using the fact that e =1, linear momentum is conserved, and angular momentum is conserved.
ok here is a good theoretical question.
suppose in this same sum, the rod was hinged, and i am saying that collision is elastic. all other conditions are same.
can we say initial energy = final energy?
(think well and reply)
all the best.