if the text file contains records in correct format, then better import the data from text into SQL-Server or use MS-Excel to import the data from text. After that use that data from table in Asp.net.
Importing text file data in SQL-Server
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Importing text file data in MSExcel is much more easier. Click Open-> browse to your file(i.e text file) and then use its text import wizard to show data in Excel.