Hi Kumar,
Is there a way to import a set of stories/requirements from say excel?
Yes, the easiest way to do this is to first make a 'template' to use in Excel.
Go to View Tickets -> Active Tickets -> Download Comma-delimited Text (all the way at the bottom, maybe you need to be an admin to see these links)
Now you have a template you can use in Excel to make sure the data is in the right columns.
Then you can use http://trac.edgewall.org/attachment/wiki/TracSynchronize/csv2trac.2.py for instance to import the data, import it directly into your database.
Regards, Garbrand
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