There is no 'column databound' event, but there is a 'row databound' event in asp.net gridview. Also the databound event is fired only on binding a entire row and not a individual column.
However you can get the 'row databound' event and access the individual column in that row using the column index or name in that row.
Here is the code sample that gives you individual value in a column where 5 is the column index
protected void gvCategory_RowDataBound(object sender, GridViewRowEventArgs e)
{
if (e.Row.RowType == DataControlRowType.DataRow)
{
if (e.Row.Cells[5].Text=="0")
{
e.Row.Cells[5].Text = "INACTIVE";
}
}
}