Well, I always split my queries up like so:
<?php
if($updt == "Update") {
include "conndb.php";
$query = "update products set prod_name = '".$_POST['name1']."', price1 = ".$_POST['price1'].", where prod_no = '".$_POST['prodno']."'" or die(mysql_error());
$result = mysql_query($query);
if (!$result) {
echo "Could not successfully run query from DB: " . mysql_error();
exit;
} else {
echo "Record updated.";
exit;
}
}
?>
It's usually best to use the $_POST array as well, since if you ever come across another variable that uses the same name (such as a session variable), then things can get messed up.
Also, note that there are no single quotes around the numeric update. If it's just a straight number that's being updated/inserted, there's no need for single quotes around the variable.