Seven others, including a police constable Arun Kumar Singh, were sentenced to life imprisonment till death.
The order was passed by the Fast Track Court-I judge Ravi Shankar Sinha who on June five had held the two, Alam and Arun Kumar Singh, guilty of murder.
Six others, Kamlesh Kumar Gautam, Raju Ranjan, Soni Rajak, Kumod Kumar, Rakesh Kumar Mishra and Anil were pronounced guilty of attempt to murder.
Alam who had arrived at the spot with the constable after being informed shot dead the three students in the head and in a police report had claimed them to be dacoits.
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A total of 33 witnesses were examined by the court during the protracted trial.
Alam was denied bail by various courts since his arrest in the case in 2003.