Thanks Max_hammer and Jayan_jay,
I have tried both the solutions and Max_hammer's solution worked partially (we can not use sed in our case for some reason). Jayan_jay's solution has nawk which our system says -bash: nawk: command not found.
We would be grateful to you if you provide some other solutions.
Anu.
awk worked but not exactly how we want. It has straight away replaced all M/M SRNO by T_DLHNNO without matching remaining part i.e. (000M/6200-0362498 COSMETIC PRO MALE FEMALE) of sting.