Reliance Industris Ltd
A man walks past an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, May 14, 2015.

The share price of Reliance Industries Ltd (RIL) witnessed a sharp rally this week and analysts expect another 10 percent spurt in the coming weeks.  

The RIL share rose 11 percent this week, breaking the ₹1,000-mark for the first time since November last year, as investors remain positive over prospects of its telecom business. 

At its 41st annual general meeting last week, RIL chairman Mukesh Ambani said that the company is planning to invest over ₹2 lakh crore in its core oil and petrochemicals business over the next 12-18 months and roll out 4G telecom services by December.

Ambani intends to increase the coverage of 4G services nationwide in the coming three years. The 4G mobiles will come with HD television, video on demand, music, news and magazines, he said.

The RIL scrip has underperformed benchmark indices since 2009. While the BSE Sensex has gone up 54 percent since 2010, the RIL share has declined 9 percent.

Investors are now pinning hopes on the company's telecom business to drive its growth. Analysts expect the RIL scrip to rally by 10 percent from the current level.

"The short term targets for the coming 3 to 4 weeks is likely to be around 1040 and once above that the next target is likely to be 1150 which can be achieved in the next 2 to 3 months," Sandeep Wagle, Founder & CEO, Power My Wealth, told The Economic Times.

The Mumbai-based RIL posted a record annual profit of ₹23,566 crore in 2014-2015.

Leading foreign brokerages Goldman Sachs and CLSA expect RIL to post net profit of over ₹35,000 crore in 2016-17. However, RIL's profit may be weighed down by its $14 billion venture in telecom space, Livemint reported.

Currently, Reliance Jio, which is operating in 29 states, will expand services to cover 80 percent of the country's population this year, Ambani had said while addressing shareholders. The company plans to launch beta version of 4G services in the next few months before commercialising operations by December, The Hindustan Times reported.