-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 HJ93GKTDi548UtyWWDMpsGxBsNW0FPAK6eCpyhmVy+XH2W+JdjMuyTfrSaLS/ygk
 dRKh62a/G7LD9OZasetCcg==

<SEC-DOCUMENT>0001209191-03-015176.txt : 20030804
<SEC-HEADER>0001209191-03-015176.hdr.sgml : 20030804
<ACCEPTANCE-DATETIME>20030804135209
ACCESSION NUMBER:		0001209191-03-015176
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030731
FILED AS OF DATE:		20030804

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HAGELSTEIN DAVID A
		CENTRAL INDEX KEY:			0000941390
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24676
		FILM NUMBER:		03820044

	BUSINESS ADDRESS:	
		STREET 1:		1411 N WOODWARD
		STREET 2:		STE 313
		CITY:			BIRMINHAM
		STATE:			MI
		ZIP:			48009

	MAIL ADDRESS:	
		STREET 1:		1411 N WOODWARD AVE
		STREET 2:		STE 313
		CITY:			BIRMINGHAM
		STATE:			MI
		ZIP:			48009

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARACO PHARMACEUTICAL LABORATORIES LTD
		CENTRAL INDEX KEY:			0000887708
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				382505723
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DR
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202
		BUSINESS PHONE:		3138718400

	MAIL ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bde78721_bde1dah.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-07-31</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000887708</issuerCik><issuerName>CARACO PHARMACEUTICAL LABORATORIES LTD</issuerName>        <issuerTradingSymbol>CARA</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0000941390</rptOwnerCik><rptOwnerName>HAGELSTEIN DAVID A</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1></rptOwnerStreet1><rptOwnerStreet2>SUITE 313</rptOwnerStreet2><rptOwnerCity>BIRMINGHAM</rptOwnerCity><rptOwnerState>MI</rptOwnerState><rptOwnerZipCode>48009</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransact
ion><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-07-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>30000</value></transactionShares><transactionPricePerShare><value>10.97</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1466091</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Trust</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-08-01</value></transactionDate><transacti
onCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2000</value></transactionShares><transactionPricePerShare><value>11.10</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1464091</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Trust</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-08-01</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></
transactionCoding><transactionAmounts><transactionShares><value>224158</value></transactionShares><transactionPricePerShare><value>1.50</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1688249</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Trust</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><conversionOrExercisePrice><value>1.50</value></conversionOrExercisePrice><transactionDate><value>2003-08-01</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><tran
sactionAmounts><transactionShares><value>224158</value></transactionShares><transactionPricePerShare><value>1.50</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1997-02-21</value></exerciseDate><expirationDate><value>2005-06-30</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Commom Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>224158</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Trust</value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><ownerSignature><signatureName>Jennifer Evans, Power of Attorney</signatureName><signatureDate>2003-08-04</signatureDate></owner
Signature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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