Investors who have been looking to invest in the city gas distribution, here's some advice from market expert SP Tulsian.

According to Tulsian, Mahanagar Gas Ltd (MGL) and Indraprastha Gas Ltd (IGL) are two stocks showing good momentum in the natural gas distribution space.

“Against MGL and IGL, though IGL is always ruling expensive on a P/E multiple or on the EV basis, I think MGL has a lot of scope going forward," Tulsian told CNBC-TV18 on Wednesday.

"I would rather be comfortable more with MGL and IGL instead of looking for any prospective group coming in like Adani Group and all that. Taking that into account, I don’t mind investing in Adani Enterprises but that will not be purely from the city gas distribution sector but overall maybe valuations are looking reasonable now for Adani Enterprises but I will be more focused on making investments in MGL and IGL,” he said.

While talking about the IndusInd Bank, which reported a 24 percent jump in its first-quarter net profit on Tuesday, Tulsian said," Seeing the results having posted by the banks, I don’t think that there is any complaint on any account and definitely, it qualifies as a buy."

According to Tulsian, investors need to keep an eye on stocks such Tata Elxsi, Hexaware Technologies, Persistent Systems and Cyient.