Although it is more famous (in tourism circles) as the nearest major city to Ajanta & Ellora, Aurangabad is one's of India's main commercial centers and a bustling metropolis. It has an interesting history, and a culture (and monuments) that are worth exploring. The city was founded, in the early 16th century, by Malik Amber (a former Abyssinian slave who was, at that time, prime minister to the Moghul rulers of nearby Ahmadnagar). Scattered over a large industrial sprawl are remains of various monuments, some of which can be explored between your visits to Ajanta & Ellora.
Aurangabad's brocade creations (the finest silks combined with gold and other threads) have been long acknowledged as the best in the world. The city is also a bustling center of manufacturing and other commerce.
The Chowk area retains it's Islamic flavor from the days of the Nizams. Visit the Bibi-ka-Maqbara, the Pan Chakki, or the Dargah of Baba Shah Muzaffar. You can also choose to explore the Buddhist Caves as a prelude to your visits to Ajanta & Ellora. Aurangabad is easily accessible from most major cities in India.