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This will work :-

found=0
if [ -s A123.rej ]
then
found=1
fi

if [ -s A345.rej ]
then
found=1
fi

if [ $found = 0 ]
then
echo "No Data"
else
echo "Data found"
fi

Hi - I may be missing the point here, but if it is only the first update line that you are interested in, you could simply do the following :-

grep "Update completed" MyLogFile | head -1
Is this...