In my project we are using QC to execute our test cases(QTP), moving forward we would be eliminating QC (for cost reasons).
As far as I explored MSBuild & Jenkins, they would be suitable.
But MSBuild will trigger the execution when a new build pushed to the repository. Also it will automatically test on the latest build.
Is there any other CI tool available to execute test cases through QTP?
I will be executing automation once in a release. Also we install our application by manual since it requires lots of configuration.
Take a look at HP Application Automation Tools.
This plugin basically replaces the need for QC, and is developed by HP.
Create a Jenkins job using this plugin on the same Jenkins installation used to build your code, then you can configure your job to run your tests as soon the code is available (e.g. on a nightly basis).
See here for a helpful guide on how to implement a simple Jenkins job using this plugin.
They also host the code on Github, which is very useful if you need to change the behavior of the plugin to suit your needs.