<?php
$utc = "2014-05-29T04:54:30.934Z";

$dt = new DateTime($utc);

echo 'Original: ', $dt->format('r'), PHP_EOL;

$tz = new DateTimeZone('Asia/Kolkata');

$dt->setTimezone($tz);
echo 'After setting timezone: ', $dt->format('r'), PHP_EOL;