Shital,
See the code below. This will save the backup with a date/time
appended to the name, to allow multiple backups.
HTH,
Bernie
MS Excel MVP
Sub BUandSave()
'Saves the current file to "mydata" backup folder and its own folder
Application.DisplayAlerts = False
ActiveWorkbook.SaveCopyAs FileName:="C:\mydata \" & _
Left(ActiveWorkbook.Name, Len(ActiveWorkbook.Name) - 4) &
_
" BU " & Format(Now, " yyyy-mm-dd hh-mm") & ".xls"
ActiveWorkbook.Save
Application.DisplayAlerts = True
End Sub