You can set the background color of the label by using below call:
lblTotalLeave.BackColor = System.Drawing.Color.FromName( DataBinder.Eval( e.Row.DataItem, "colorcode" ).ToString() );
lblTotalLeave.Text = System.Drawing.Color.FromName( DataBinder.Eval( e.Row.DataItem, "colorcode" )).Name.ToString();
I am sure this will solve your problem.