The fair use defence is recognized in India in Section 52 of the Indian Copyright Act of 1957. In order to establish the fair use defence in India, a parodist has to satisfy two conditions: (i) he/she must not intend to compete with the copyright holder and (ii) he/she must not make improper use of the original. (See also Saha, Rahul, Mukherjee, Sryon, "Not So Funny Now Is It? The Serious Issue of Parody in Intellectual Property Law"  INJlIPLaw 4)
As a result, the legality of parodying famous logos shall be determined on a case-by-case basis, depending on the manner you indeed to do so, and the extent of its commercial usage. I suggest you to seek legal consultation from an IP lawyer and consider the option to obtain a permission from the rights-holders before taking action.