Sachin,
Two routers can be connected back to back with a cross cable. The IP address of the interfaces should be in the same subnet to work.
I didn't understand the need for HSRP in this. HSRP can be considered as a gateway redundancy protocol. when you have the routers connected backtoback, none of your machines can use the HSRP ip address as their gatewat.
HTH, rate if it does
Narayan