Yes you can do this with this code:
<asp:Label ID="Label1" runat="server">
<asp:Literal ID="lit1" runat="server" Text=""></asp:Literal>
<br />
<font color="blue">
<asp:Literal ID="lit2" runat="server" Text=""></asp:Literal></font>
</asp:Label>
Now bind you text with Literal.
Pls, accept as answer and give vote is solve you problem.