IT IS WORKING !!!!!
Being a newbie, I got very good support from you guys and I will share whatever I learn, back to this community.
I should thank every one who helped me, especially TobiSGD and PTredholme..
I will close the thread in a day or two after confirming things are going good.
BTW, I am trying to see how can I get the repository updated whenever a new package is added to the repo.
From google, I saw about 'yum clean expire-cache' or 'yum clean all' at client side does it.
Another optioin was adding following line in /etc/yum.conf on Yum clients:
Could you please suggest which one should be ideal? And is there some thing that can be done at server side itself ?
(Assuming server immediately comes to know about any change made in repo automatically)