No, this code will not be used in your Application_Start method. This method is called when the application starts or when it is reset and has nothing to do with "every half hour."
The best way to handle this, BY FAR, is to create a separate application, either on the same computer or on another computer that has access to the "file" (whatever that means). ASP.NET is not configured for timer events, and any attempt to do this in ASP.NET is likely to affect the performance of your site.
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