Hello Prerna,
The ArcGIS for Maritime: Bathymetry solution does not currently support creating a BAG file. If you plan on registering your .xyz datasets with the BIS, you may convert them to GeoTIFF and register with the BIS. Starting with version 10.2 QFE1, the BIS workspace supports all raster formats supported by the ArcGIS platform. You may convert your datasets to GeoTIFF using the following ArcGIS GP tools:
a) if your XYZ datasets contain regularly-spaced points stored in "X Y Z" format with one point per line:
1) Run ASCII 3D to Feature Class (3D Analyst toolbox) on the .xyz dataset
2) Run Feature to Raster (Conversion toolbox) on the feature class generated in the previous step to create a GeoTIFF raster
b) if your XYZ datasets are stored as a raster representation (ArcGIS "ncols" and "nrows" format):
1) Run ASCII to Raster (Conversion toolbox) on the .xyz dataset to generate the GeoTIFF raster
After generating the GeoTIFF rasters as indicated above, you can register them with your BIS workspace and start using them. Alternatively, you may create BAG files from your data in an application such as QPS's Fledermaus, if you have access to the software.
Hope this helps.
Cheers,
Sabeshan Srinivasan