How to ask manager to initiate promotion

You can have an formal meeting with your immediate supervisor to discuss your promotion. Btw promotion cycle is not yet announced. But still you can have discussion so when promotion cycle is open he can initiate it in system. If there is no positive response the you can think out side for better opportunities. As that will give you minimum 30% hike but promotion in TCS will give you only 14% hike. So it's up you if you want to wait or start searching.

Resign