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Given like this
<link rel="shortcut icon" type="image/x-icon" href="<?php echo $this->webroot; ?>img/bullet.jpg">
In this way I got the favicon.In that case no need to rename the default favicon.ico
Well you need to delete the default favicon.ico icon file from webroot directory and place your own picture. But make sure you convert that picture in icon format and rename it to favicon. I think it should work because it worked for me.