Ugadi marks the beginning of the Telugu New Year. It also brings happiness with the onset of Vasanth Ruthu (spring). Ugadi name has been changed from Yuga Aadi (Yuga + Aadi means beginning of New age).
The Lord Mahavishnu, one of the Hindu Trinity, representing the preservative aspect of the universe as in his previous incarnations (avatars), descended into the world to kill the ten-headed Asura named Ravana.
Panguni Uttiram is a festival celebrating celestial marriages. Lord Shiva weds goddess Meenakshi (a Parvati incarnation) on this date. Also celebrated is the marriage of Lord Subramanya to Theivanai, the adopted daughter of Indra.