Dear Jayaram,
I would suggest the following books for Machine Learning. These were the books, which I used during my post Graduation.
1 Tom M. Mitchell, “Machine Learning”, McGraw-Hill, 1st edition, 1997
2. Ethem Alpaydin, “Introduction to Machine Learning (Adaptive Computation and Machine Learning)”, The MIT Press 2004
3. Hastie. T, Tibshirani. R, Friedman. J. H, “The Elements of Statistical Learning”, Springer,1st edition, 2001
The best practice which can be implemented is, Please don't give any reference books to the students. Research papers published in the journals can be given as reference to the students. This would provoke research among the students.
Below is the list of Books are available for studying :
http://www.kdnuggets.com/2016/06/open-source-machine-learning-degree.html?utm_content=buffer50cd4&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer
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