Is there a way or hack in which we can make ls --color=always work on a Sun OS box.
Or is there any other way in which that can be achieved?
Install GNU ls(1), use it instead of the system ls(1), and then set up aliases the same as under any unix. This blog recommends sunfreeware.com; you might also try Blastwave.
EDIT: actually, see the first comment on that blog. You can use the GNU ls(1) that's already provided, either by changing your PATH or, more cleanly, alias ls="/usr/gnu/bin/ls --color=auto -AFC"
-- or, with your inferior options :-)