@MSathya: I would recommend using a RichTextbox control if you need to change the color of certain parts of the text... especially if it is certain words or patterns. The following code may illustrate this...
Dim WordToColor As String = "I said: "
Dim idx As Int32 = 0
Do While idx <> -1
idx = RichTextBox1.Text.IndexOf(WordToColor, idx)
If idx <> -1 Then
With RichTextBox1
.SelectionStart = idx
.SelectionLength = WordToColor.Length
.SelectionColor = Color.Red
End With
idx += WordToColor.Length
End If
Loop