Lakshmi Jayanti is observed as the birth anniversary of Goddess Lakshmi, the goddess of wealth and prosperity. As per legends, Goddess Lakshmi appeared on the day of Phalguna Purnima, when Devas and Asuras churn the milky ocean, which is popularly known as Samudra Manthan.
Usually, the day of Phalguna Purnima coincides with Uttara Phalguni Nakshatra and hence Uttara Phalguni is also linked with Lakshmi Jayanti. Lakshmi Jayanti is usually observed in South Indian states and it is not much popular in North India.
Lakshmi Jayanti is an auspicious day to invoke the Goddess of wealth and prosperity. On this day, devotees perform Lakshmi Homam when 1008 names of Goddess Lakshmi, known as Sahasranamavali, and Shri Suktam are recited. Lotus flowers dipped in honey are used for Ahuti.