fix: rename red palette to magenta and add true red palette#1189

Rajesh-Nagarajan-11 merged 3 commits intolayer5io:masterlayer5io/sistent:masterfrom

jeetburman:fix/rename-red-palette-to-magenta-add-true-redjeetburman/sistent:fix/rename-red-palette-to-magenta-add-true-redCopy head branch name to clipboard